October 2020
October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall. New Listings in the Twin Cities region increased 8.4 percent to 6,816. Pending Sales were up 21.8 percent to 6,249. Inventory levels fell 34.5 percent to 8,080 units. Prices continued to gain traction. The Median Sales Price increased 12.5 percent to
$315,000. Days on Market was down 23.9 percent to 35 days. Sellers were encouraged as Months Supply of Homes for Sale was down 40.0 percent to 1.5 months. Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.
