Home sales in the Twin Cities got another big boost from low mortgage rates and strong demand. During Auugst closed sales were up 12.3 percent compared with last year - the 14th consecutive month of year-over-year sales.
Inventory levels remain extremely tight. The number of new listings during the month was down 1.8 percent. Fewer listings and rising sales pushed overall inventory levels to the lowest in several years. Total inventory was down 30.5 percent - the lowest in nine years.
Rising sales coupled with falling inventory helped lift prices. The median price of all closings was $179,000, up 15.5 percent. When factoring in seasonal variations, changes in the mix of homes that are selling and other factors that can have a stastical impact on the median price, the median price during the month was $170,656 up 8.1 percent from last year.
I'm working on a complete report for the Thursday paper.