The Bureau of Labor Statistics reported in August that total nonfarm payroll employment increased by more than 200,000 in July, and the national unemployment level is holding relatively steady at 6.2 percent. Combined with a reported increase in consumer confidence by Reuters, the U.S. economy is looking pretty spiffy. So long as quality paying jobs continue to be added to the mix and housing policy remains welcoming to those who want to buy and sell, there is reason to remain optimistic about residential real estate.
In the Twin Cities region, for the week ending August 30:
- New Listings increased 0.6% to 1,365
- Pending Sales decreased 10.8% to 1,087
- Inventory increased 9.9% to 18,627
For the month of August:
- Median Sales Price increased 5.3% to $219,001
- Days on Market decreased 2.9% to 68
- Percent of Original List Price Received decreased 0.8% to 96.2%
- Months Supply of Inventory increased 15.8% to 4.4
All comparisons are to 2013
Click here for the full Weekly Market Activity Report. From The Skinny Blog.