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July 2018 Market Update – Twins Cities RegionPosted by
Housing price bubble chatter has increased this summer, as market observers attempt to predict the next residential real estate shift. It is too early to predict a change from higher prices and lower inventory, but the common markers that caused the last housing cooldown are present.
Wages are up but not at the same pace as home prices, leading to the kind of affordability concerns that can cause fewer sales at lower prices. At the same time, demand is still outpacing what is available for sale in many markets.
- New Listings in the Twin Cities region increased 4.1 percent to 7,671.
- Pending Sales were up 0.4 percent to 5,894.
- Inventory levels fell 13.5 percent to 11,709 units.
- Prices continued to gain traction.
- The Median Sales Price increased 6.6 percent to $268,000.
- Days on Market was down 17.4 percent to 38 days.
- Sellers were encouraged as Months Supply of Homes for Sale was down 11.1 percent to 2.4 months.
Consumer spending on home goods and renovations are up, and more people are entering the workforce. Employed people spending money is good for the housing market. Meanwhile, GDP growth was 4.1% in the second quarter, the strongest showing since 2014.
Housing starts are down, but that is more reflective of low supply than anything else. With a growing economy, solid lending practices and the potential for improved inventory from new listing and building activity, market balance is more likely than a bubble.
Source: NorthstarMLS, MINNEAPOLIS AREA ASSOCIATION OF REALTORS®