U.S. pending home sales increased 7.4% month-over-month and 2.6% year-over-year, as falling mortgage rates in August and September helped under contract sales rise to their highest level since March, according to the National Association of Realtors®. Pending sales were up in all four regions of the country, with the West posting the highest monthly gain at 9.8%.
In the Twin Cities region, for the week ending November 9:
• New Listings increased 1.2% to 1,004
• Pending Sales increased 15.0% to 721
• Inventory increased 7.1% to 9,802
For the month of October:
• Median Sales Price increased 4.1% to $380,000
• Days on Market increased 21.6% to 45
• Percent of Original List Price Received decreased 0.7% to 97.8%
• Months Supply of Homes For Sale increased 8.0% to 2.7