Real Estate
Weekly Housing Market Activity Report for the Twin Cities
Weekly Housing Market Activity Report for the Twin Cities
Weekly Housing Market Activity Report for the Twin Cities
For Week Ending February 29, 2020
Publish Date: March 9, 2020 • All comparisons are to 2019
7.9% in January to a seasonally adjusted annual rate of 764,000 units, which is
18.6% higher than a year ago and the highest monthly sales pace since July 2007.
While new-home sales are increasing, new-home inventories fell 6.6% from a year
ago and are now the lowest since 2017. The National Association of REALTORS®
and others are calling on home builders to increase residential home construction
to meet increased demand, but a labor shortage, higher costs of construction and
possible supply-chain disruption due to COVID-19 may limit homebuiders' ability to
respond to the increased demand.
In the Twin Cities region, for the week ending February 29:
• New Listings increased 8.0% to 1,395
• Pending Sales increased 12.2% to 1,083
• Inventory decreased 13.1% to 7,785
For the month of January:
• Median Sales Price increased 4.2% to $270,000
• Days on Market increased 3.1% to 67
• Percent of Original List Price Received decreased 0.1% to 97.0%
• Months Supply of Homes For Sale decreased 11.1% to 1.6