Weekly Housing Market Activity Report for the Twin Cities

Weekly Housing Market Activity Report for the Twin Cities

For Week Ending July 10, 2021

Publish Date: July 19, 2021 • All comparisons are to 2020
As sales prices surge, housing affordability continues to decline, despite
historically low interest rates. According to the National Association of
REALTORS® Housing Affordability Index, the median family income increased
by only 1.2% in May, while the monthly mortgage payment rose to $1,204, a
20% gain compared to a year ago. Homeowners are allocating more of their
income toward their mortgage, putting additional strain on consumers'
pocketbooks amid rising inflation, as the Consumer Price Index jumped 5.4% in
the year through June, according to the Labor Department, the largest yearover-year gain since August 2008.
In the Twin Cities region, for the week ending July 10:
• New Listings decreased 7.8% to 1,751
• Pending Sales decreased 30.1% to 1,103
• Inventory decreased 32.6% to 6,709
For the month of June:
• Median Sales Price increased 14.8% to $350,000
• Days on Market decreased 52.4% to 20
• Percent of Original List Price Received increased 4.5% to 104.1%
• Months Supply of Homes For Sale decreased 42.9% to 1.2

If someone wanted to buy your home, would you sell it? Find out its value in the current market for Free, you can also search for your new home for Free.www.BradAndersonHomes.com