November 2020
November saw the Dow Jones Industrial Average top 30,000 for the first time, while mortgage rates reached new record lows again. These new records have provided encouragement for buyers to move forward on home purchases, which continued to remain strong overall for the month.
New Listings in the Twin Cities region increased 1.3 percent to 4,035. Pending Sales were up 13.4 percent to 4,640. Inventory levels fell 37.9 percent to 6,642 units.
Prices continued to gain traction. The Median Sales Price increased 10.7 percent to$310,000. Days on Market was down 33.3 percent to 34 days. Sellers were encouraged as Months Supply of Homes for Sale was down 42.9 percent to 1.2months.
Showing activity remains higher than the same period a year ago across most of the country, suggesting that strong buyer demand is likely to continue into what is typically the slowest time of year. With inventory remaining constrained in most market segments, sellers continue to benefit from the tight market conditions.
– SAINT PAUL AREA ASSOCIATION OF REALTORS®
