August 2020
The housing and stock markets continue to be the leaders in the economy. In August,showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.
New Listings in the Twin Cities region increased 1.3 percent to 7,823. Pending Sales were up 19.7 percent to 7,181. Inventory levels fell 32.4 percent to 8,756 units.
Prices continued to gain traction. The Median Sales Price increased 9.8 percent to$315,000. Days on Market was down 4.9 percent to 39 days. Sellers were encouraged as Months Supply of Homes for Sale was down 34.6 percent to 1.7 months.
As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term.
– SAINT PAUL AREA ASSOCIATION OF REALTORS®
