Weekly Housing Market Activity Report for the Twin Cities

Weekly Housing Market Activity Report for the Twin Cities

For Week Ending August 22, 2020
Publish Date: August 31, 2020 • All comparisons are to 2019

levels. The latest report from the Commerce Department and U.S. Housing and
Urban Development shows total housing production is up 22.6% to a seasonally
adjusted annual rate of nearly 1.5 million units, the highest rate since February.
Lumber prices have surged more than 110% since mid-April, adding approximately
$14,000 to the typical new single-family home according to National Association of
Home Builder estimates. Many are finding new construction home prices have
increased in recent months from the pressures of increased costs to builders and
strong consumer demand.
In the Twin Cities region, for the week ending August 22:
• New Listings increased 4.0% to 1,771
• Pending Sales increased 21.7% to 1,582
• Inventory decreased 30.3% to 9,262
For the month of July:
• Median Sales Price increased 10.6% to $313,000
• Days on Market increased 7.9% to 41
• Percent of Original List Price Received increased 0.5% to 100.1%
• Months Supply of Homes For Sale decreased 29.6% to 1.9