In a rare shift for the U.S. housing market, new homes have become more affordable than existing homes. According to the U.S. Census Bureau, the median sales price of a new home was $403,800 in July, compared to $422,400 for an existing home. New-home prices have declined year-over-year for eight consecutive quarters, while existing-home prices have continued to rise
In the Twin Cities region, for the week ending September 13:
- New Listings increased 7.4% to 1,570
- Pending Sales increased 5.2% to 892
- Inventory increased 0.5% to 10,517
For the Month of August:
- Median Sales Price increased 2.8% to $400,000
- Days on Market increased 5.0% to 42
- Percent of Original List Price Received remained flat at 98.7%
- Months Supply of Homes For Sale decreased 3.6% to 2.7