Tight inventory, lower affordability and higher mortgage rates continue to dominate residential real estate news, but a declining unemployment rate offers a bright spot. Employment in the construction industry had some of the largest gains. It would be great to see this increase translate into an impact on the construction of new homes for sale.

In the Twin Cities region, for the week ending March 4:
• New Listings decreased 11.9% to 1,727
• Pending Sales increased 0.3% to 1,155
• Inventory decreased 23.4% to 9,042

For the month of February:
• Median Sales Price increased 7.6% to $223,000
• Days on Market decreased 14.6% to 82
• Percent of Original List Price Received increased 1.4% to 96.5%
• Months Supply of Homes For Sale decreased 28.0% to 1.8