For Week Ending July 25, 2015
According to the U.S. Census, homeownership is at 63.4 percent for the second quarter of 2015, down 1.3 percent from the second quarter of 2014. This is the lowest rate of homeownership since 1967. To put that in greater context, homeownership peaked at 69.2 percent in 2004, and the 50-year average is 65.3 percent. Although the data may be indicating otherwise on a macro level, mortgage applications have kept REALTORS® busy through summer.
In the Twin Cities region, for the week ending July 25:
- New Listings increased 1.2% to 1,804
- Pending Sales increased 21.3% to 1,362
- Inventory decreased 9.8% to 17,125
For the month of June:
- Median Sales Price increased 4.7% to $229,900
- Days on Market decreased 5.7% to 66
- Percent of Original List Price Received increased 0.5% to 97.7%
- Months Supply of Inventory decreased 15.9% to 3.7
All comparisons are to 2014
We are often asked “Which cities have the highest home prices?” Whether it’s a member, the media or the general public inquiring, it’s a fairly common question. Wonder no more! Below are tables showing the top 25 highest priced markets in the region. The top two tables rank all areas, regardless of market size. The bottom two tables only show areas with a certain volume of sales. The left table uses just June 2015 sales, while the table to the right uses 2015 YTD data. Of course, the measure used is median sales price.
Data to the people!