New-home purchases accounted for 15% of home sales over the past year, the highest share since 2007, while existing-home purchases accounted for 85%, according to a recent report from the National Association of Realtors®. Among new-home buyers, 42% were most often looking to avoid renovations and problems with mechanical systems, while 31% of existing-home buyers felt previously owned homes represented a better overall value.
In the Twin Cities region, for the week ending December 21:
• New Listings decreased 1.0% to 477
• Pending Sales increased 3.1% to 605
• Inventory increased at 7,832
For the month of November:
• Median Sales Price increased 3.4% to $375,000
• Days on Market increased 25.0% to 50
• Percent of Original List Price Received increased 0.2% to 97.6%
• Months Supply of Homes For Sale remained flat at 2.3