Higher prices gave sellers reason for optimism in early 2014. As prices stabilize, some are sensing the formation of a counter-trend. Silly rabbits. Price alone does not determine the state of the housing market. Number of sales by housing segment, the types of households being formed and the availability of well-paying jobs all play important roles to housing health. As the summer months approach, things like inventory of homes for sale, new listings and number of days on market until sale, along with pricing, will help predict the direction of the housing market.
In the Twin Cities region, for the week ending May 17:
• New Listings increased 10.0% to 2,039 • Pending Sales decreased 8.3% to 1,175 • Inventory increased 4.1% to 15,432
For the month of April:
• Median Sales Price increased 7.5% to $196,129 • Days on Market decreased 8.2% to 89 • Percent of Original List Price Received decreased 0.1% to 95.9% • Months Supply of Inventory increased 2.9% to 3.5