The trends of higher sales and fewer homes for sale that prevailed through the first quarter of 2016 have only gotten stronger through the second quarter. Although more sellers are listing than at this time last year, it’s still not quite enough to keep up with the heat of today’s sales environment. Buyers appear to be making great offers ahead of any hint of higher mortgage rates.

In the Twin Cities region, for the week ending May 28:
• New Listings increased 2.5% to 1,734
• Pending Sales increased 18.6% to 1,597
• Inventory decreased 18.8% to 13,669

For the month of April:
• Median Sales Price increased 7.6% to $231,341
• Days on Market decreased 14.1% to 73
• Percent of Original List Price Received increased 1.0% to 98.0%
• Months Supply of Homes For Sale decreased 25.0% to 2.7