The pace of new homes being built is slower than necessary to keep inventory figures up, especially in a time with plenty of demand. However, building permits are active and low mortgage rates continue to provide opportunity for the residential real estate market to continue to be a pillar of the national economic profile.
In the Twin Cities region, for the week ending June 11:
• New Listings decreased 0.3 percent to 2,056
• Pending Sales decreased 7.1% to 1,370
• Inventory decreased 19.2% to 13,869
For the month of May:
• Median Sales Price increased 5.8% to $236,900
• 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 26.3% to 2.8
