The Iverson Group

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Weekly Market Report

August 9, 2021 by Al and Patti Iverson

For Week Ending July 31, 2021

The percentage of first-time home buyers fell to 31% in June, the lowest level in more than 3 decades, according to the National Association of REALTORS®. Cash offers, bidding wars, and soaring home prices are making it increasingly difficult for first-time buyers to compete in a market with record low inventory and declining housing affordability, even as 30-year mortgage rates dropped below 3 percent for the first time since February.

In the Twin Cities region, for the week ending July 31:

  • New Listings decreased 1.6% to 1,832
  • Pending Sales decreased 10.4% to 1,476
  • Inventory decreased 25.9% to 7,427

For the month of June:

  • Median Sales Price increased 14.8% to $350,000
  • Days on Market decreased 52.4% to 20
  • Percent of Original List Price Received increased 4.5% to 104.1%
  • Months Supply of Homes For Sale decreased 42.9% to 1.2

All comparisons are to 2020

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Filed Under: Inventory

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The Iverson Realty Group

Coldwell Banker Realty
17305 Cedar Ave S, Ste 100
Lakeville, MN 55044

Realtor & Housing

Licensed In Minnesota

All information deemed reliable but not guaranteed and should be independently verified.



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