April showers bring the May flowers and that is a rising inventory high even as mortgage rates stay persistently low, which helps boost affordability regardless of rising prices. More mortgage applications means more first-time buyers dipping into homeownership. Lower unemployment levels will also help direct buyers toward the rosy scent of a new home.
In the Twin Cities region, for the week ending May 10:
• New Listings increased 6.5% to 1,979
• Pending Sales increased 0.1% to 1,264
• Inventory increased 3.5% to 15,009
For the month of April:
• Median Sales Price increased 7.6% to $196,425
• Days on Market decreased 8.2% to 89
• Percent of Original List Price Received decreased 0.1% to 95.9%
• Months Supply of Inventory remained flat at 3.4
