Across the country, some Fortune 500 companies have been raising their
minimum wage. How does this correlate to the housing industry? More money
equates to more home-buying power. Coupled with an aging millennial
demographic that is poised for making purchases on their own terms, the housing
market is making inroads into two factors that have plagued the buyer market in
recent years. Warmer weather helps as well.
In the Twin Cities region, for the week ending February 28:
• New Listings increased 23.0% to 1,532
• Pending Sales increased 21.0% to 1,076
• Inventory decreased 2.2% to 12,690
For the month of February:
• Median Sales Price increased 10.4% to $202,000
• Days on Market increased 7.1% to 106
• Percent of Original List Price Received increased 0.6% to 94.1%
• Months Supply of Inventory remained flat at 3.0
