At present, 62% of Americans own a home, while 34% say they rent, according to a recent Gallup survey. Among non homeowners, 30% plan to purchase a home within the next five years, 23% plan to do so within the next ten years, and 45% have no plans to buy a home in the foreseeable future. Renters say the cost of homeownership, including a down payment, is the greatest barrier to purchasing a home.
In the Twin Cities region, for the week ending August 16:
- New Listings increased 9.2% to 1,466
- Pending Sales increased 6.8% to 1,007
- Inventory increased 1.0% to 10,344
For the Month of July:
- Median Sales Price increased 2.6% to $395,000
- Days on Market increased 11.1% to 40
- Percent of Original List Price Received decreased 0.2% to 99.3%
- Months Supply of Homes For Sale remained flat at 2.7