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The Minneapolis Area Association of Realtors has released the market statistics for the Twin Cities for the week ending June 29th and for the entire month of June 2013.
In the Twin Cities region, for the week ending June 29:
• New Listings increased 22.8% to 1,738
• Pending Sales increased 22.4% to 1,405
• Inventory decreased 16.8% to 15,405
For the month of June:
• Median Sales Price increased 17.5% to $210,000
• Days on Market decreased 33.6% to 75
• Percent of Original List Price Received increased 2.5% to 97.5%
• Months Supply of Inventory decreased 27.1% to 3.5
According to the Remax National Housing Report, November was the 17th consecutive month of higher year over year sales with a 15.7% increase in November 2012 over November 2011. The average number of homes for sale dropped 29.1% from last November, making it the 29th consecutive month to month drop. Pending home sales, a measure of home contract signings, shot up in the month of November, reaching its highest level on record in two-and-a-half years. It’s also the third consecutive month of sales increases. The median sales price also increased for the 10th consecutive month to $163,750, a 6.9% increase.
According to Freddie Mac, the 30-year, fixed-rate mortgage hovered at 3.35% for the week ending Dec. 27, down from 3.37% a week earlier and 3.95% last year. The 30-year fixed-rate mortgage averaged 3.66% for 2012, the lowest annual average in at least 65 years.
The last time the housing market was healthy without stimulus was February 2007. The National Association of Realtors expects to see a stronger housing market in 2013.