As housing supply continues to increase across the country, prospective buyers’ housing expectations are on the rise as well, with the National Association of Home Builders (NAHB) reporting the share of prospective buyers expecting their home search to be easier in the coming months climbed to 22% in the second quarter, up from 17% in the first quarter. The NAHB attributes the improved outlook among buyers to increases in inventory and a decline in buyer competition.
In the Twin Cities region, for the week ending July 30:
• New Listings decreased 24.5% to 1,443
• Pending Sales decreased 22.4% to 1,171
• Inventory increased 10.3% to 8,830
For the month of June:
• Median Sales Price increased 8.6% to $380,000
• Days on Market increased 5.0% to 21
• Percent of Original List Price Received decreased 0.8% to 103.3%
• Months Supply of Homes For Sale increased 23.1% to 1.6