Two central topics of conversation continue to be mortgage rates and the number of homes for sale. Turbulent financial markets have given way to even lower mortgage rates, bringing up the question of what will happen to rates as the year continues. Likewise, inventory has been on a general decline but supply should improve throughout the year.
In the Twin Cities region, for the week ending February 13:
• New Listings increased 9.0% to 1,411
• Pending Sales decreased 4.3% to 864
• Inventory decreased 21.3% to 10,440
For the month of January:
• Median Sales Price increased 10.3% to $215,000
• Days on Market decreased 15.8% to 85
• Percent of Original List Price Received increased 1.5% to 95.0%
• Months Supply of Homes For Sale decreased 29.0% to 2.2
