U.S. housing starts rose to a five-month high, climbing 5.2% month-over-month and 12.9% year-over-year to a seasonally adjusted annual rate of 1,428,000 units, according to the U.S. Census Bureau. The gain was driven primarily by multi-family starts, which surged 11.6% from the previous month to 470,000 units, while single family starts increased 2.8% to 939,000 units.
In the Twin Cities region, for the week ending September 6:
- New Listings increased 8.2% to 1,574
- Pending Sales increased 6.5% to 825
- Inventory increased 1.4% to 10,325
For the Month of August:
- Median Sales Price increased 2.8% to $399,999
- 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