The forecast is bright with a persistent rise in pending home sales. Low mortgage rates and rising rental prices continue to point buyers into the housing market. In order to maintain home-purchase momentum, the supply of homes for sale must grow.
In the Twin Cities region, for the week ending April 2:
• New Listings increased 15.6% to 1,954
• Pending Sales increased 1.8% to 1,378
• Inventory decreased 19.6% to 12,146
For the month of February:
• Median Sales Price increased 5.7% to $222,000
• Days on Market decreased 17.5% to 85
• Percent of Original List Price Received increased 0.8% to 96.7%
• Months Supply of Homes For Sale decreased 28.6% to 2.5
