The residential real estate story continues to revolve around the low supply of homes for sale, thus a surge in new homes being built would be a great thing to see. Existing home sale are at all-time highs in some areas; however, home builders have not been able to keep up with demand for new inventory replenishment. It will be interesting to see if this will improve after national manufacturing production had a large increase last month.
In the Twin Cities region, for the week ending May 13:
• New Listings decreased 4.1% to 2,034
• Pending Sales decreased 9.8% to 1,465
• Inventory decreased 17.8% to 11,464
For the month of April:
• Median Sales Price increased 6.5% to $246,000
• Days on Market decreased 20.5% to 58
• Percent of Original List Price Received increased 1.2% to 99.2%
• Months Supply of Homes For Sale decreased 21.4% to 2.2
