Twin Cities Housing Market Update for October 2016
According to the Minneapolis Area Association of Realtors October 2016 Report on the Twin Cities Area Housing Market, October ended with 5249 new active listings of homes for sale, a decrease of -28% month-over-month.
October total inventory levels sit at 13,918 homes on the market. Inventory is down 19% from the previous year, and inventory levels month over month are are down 10.2%.
During October, there were 5529 sold listings which is a -15.4% decrease compared to the previous month. Home prices see a minimal increase. The average sold price for a single family home was $2275,617 an increase from $272,990 last month, and 5.7% higher than a year ago.
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