Despite sluggish home sales, US home prices have continued to increase, further impacting affordability for many prospective buyers. According to the latest S&P CoreLogic Case-Shiller Index, home prices were up 2.6% year-over-year and 0.4% month-over-month as of last measure, marking the seventh consecutive monthly increase. Additionally, the Federal Housing Finance Agency’s index found home prices increased 5.6% year-over-year and 0.6% month-over-month as of last measure.
In the Twin Cities region, for the week ending November 11:
• New Listings increased 12.0% to 981
• Pending Sales decreased 13.1% to 615
• Inventory decreased 5.3% to 8,711
For the month of October:
• Median Sales Price increased 2.4% to $365,000
• Days on Market increased 2.8% to 37
• Percent of Original List Price Received increased 0.2% to 98.4%
• Months Supply of Homes For Sale increased 20.0% to 2.4