Sales across the nation have risen not only because this time of year typically offers an increase in residential real estate activity, but because this year in particular has proven to have strong economic and market conditions. While it’s still true that prices are rising and inventory is tightening, these long-standing trends have been happening gradually enough to not deter those who are serious about becoming homeowners.
In the Twin Cities region, for the week ending June 16:
• New Listings increased 10.1% to 2,057
• Pending Sales decreased 4.3% to 1,420
• Inventory decreased 18.0% to 10,898
For the month of May:
• Median Sales Price increased 8.4% to $271,000
• Days on Market decreased 9.6% to 47
• Percent of Original List Price Received increased 0.7% to 100.2%
• Months Supply of Homes For Sale decreased 12.0% to 2.2
