With showings, contract signings, and closed sales remaining strong throughout fall, experts are expecting an especially busy housing market this winter, as buyers rush to beat rising rental prices and anticipated increases in mortgage rates. Total existing home sales will top 6 million in 2021, the highest level in 15 years, according to the National Association of REALTORS®, who predicts home prices will continue to increase in 2022, albeit at a gentler rate compared to the recordsetting pace of this year.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING NOVEMBER 27:
- New Listings decreased 15.8% to 496
- Pending Sales decreased 0.8% to 843
- Inventory decreased 15.7% to 6,714
FOR THE MONTH OF OCTOBER:
- Median Sales Price increased 7.9% to $340,000
- Days on Market decreased 22.9% to 27
- Percent of Original List Price Received decreased 0.2% to 100.3%
- Months Supply of Homes For Sale decreased 17.6% to 1.4
All comparisons are to 2020
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.