Summer is heating up, as are home sales and prices. Millennials are hitting homebuying age with force and are showing interest in entering the real estate market. As inventory continues to struggle to keep up with demand, options are fewer than desired, and price wars are proving to be a challenge for many buyers in a seller’s market.

In the Twin Cities region, for the week ending June 4:
• New Listings decreased 7.9% to 2,011
• Pending Sales decreased 15.3% to 1,203
• Inventory decreased 19.5% to 13,571

For the month of May:
• Median Sales Price increased 5.7% to $236,826
• Days on Market decreased 21.1% to 60
• Percent of Original List Price Received increased 1.1% to 98.6%
• Months Supply of Homes For Sale decreased 28.9% to 2.7