The number of existing home sales was down last month, indicating that there is still a large divide between supply and demand. However, we need to keep in mind that the value of the housing market is the highest it has been in years. Confidence and household incomes are increasing, which are indicators of future home buying, which should lead to a continued strong market.
In the Twin Cities region, for the week ending March 18:
• New Listings decreased 2.2% to 1,728
• Pending Sales decreased 2.7% to 1,247
• Inventory decreased 23.7% to 9,633
For the month of February:
• Median Sales Price increased 7.8% to $223,500
• 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
