Twin Cities Housing Market Update for July 2016
Schools about to start and summer is dwindling down. What does that mean for the Twin Cities Housing Market? According to the Minneapolis Area Association of Realtors July 2016 Report on the Twin Cities Area Housing Market, July ended with 7522 new active listings of homes for sale, a decrease of 15% month-over-month.
July total inventory levels sit at 14,457 homes on the market. Inventory is down 18.1% from the previous year, but inventory levels are holding steady month over month.
During July, there were 6030 sold listings which is a 17.6% decrease compared to the previous month. Home prices are holding steady this month. The average sold price for a single family home was $281,599, a very slight decrease from $284,898 last month, and 4.5% higher than a year ago.
With summer coming to a close we are seeing a slow down of new listings. This could be the perfect opportunity to put yours on the market.Find Out What Your Home is Worth