Heading into the spring buying season, consumers are, on average, earning higher incomes than in recent years, and there is greater trust in job security compared to last year. While these factors heighten confidence in the health of the housing market, home buyers – and especially first timers – would benefit from more inventory and slow price increases.
In the Twin Cities region, for the week ending March 19:
• New Listings decreased 3.1% to 1,762
• Pending Sales increased 6.0% to 1,288
• Inventory decreased 17.8% to 11,959
For the month of February:
• Median Sales Price increased 3.5% to $207,083
• Days on Market decreased 9.4% to 96
• Percent of Original List Price Received increased 1.1% to 95.2%
• Months Supply of Homes For Sale decreased 25.0% to 2.4
