We are now beyond two years of year-over-year declines in inventory, and it doesn’t look like the situation is going to change anytime soon. However, buyer demand and home prices are still rising, and the number of distressed homes on the market has fallen. It would be great to see more starter homes on the docket for new construction during these next few busy building months to help those that are looking to enter the market.
In the Twin Cities region, for the week ending June 24:
• New Listings increased 1.2% to 1,928
• Pending Sales decreased 1.1% to 1,405
• Inventory decreased 16.3% to 12,481
For the month of May:
• Median Sales Price increased 5.5% to $250,000
• Days on Market decreased 15.0% to 51
• Percent of Original List Price Received increased 0.9% to 99.5
• Months Supply of Homes For Sale decreased 17.2% to 2.4
