As a real estate agent in the Twin Cities, I pride myself on having the experience and a deep understanding of the local market and how various changes affect home prices in our area. If you are considering buying or selling a home in the near future, I'd love to provide you with a complimentary market analysis to get the process started. It's important to have a base understanding of what's happening in your target area so you know what to expect for pricing, time on market, etc. Just shoot me a quick email or give me a call and I can get information over to you on your neighborhood. Have a great day!

Nationally, existing home sales recently dropped to a 6-month low, falling 7.2% as buyers struggled to find a home amid rising prices and historic low inventory. Pending sales are also down, declining 4.19% as of last measure, according to the National Association of Realtors. Builders are working hard to ramp up production--the U.S. Census Bureau reports housing starts are up 22.3% compared to a year ago--but higher construction costs and increasing sales prices continue to hamper new home sales, despite high demand for additional supply.

Millennials are entering the housing market at a record pace, fueling demand and driving sales prices higher amid an epic housing shortage. Currently, millennials represent 22% of the U.S. population but make up 43% of the current market share, according to a survey by the National Association of Realtors. With nearly a quarter of the population approaching their peak earning years over the next two decades, this new generation of homebuyers are expected to have a big impact on the economy-and on the housing market--in the years to come.

Across the country, consumers are feeling the bite of inflation and surging mortgage interest rates, which recently hit 4.6% in March, according to Freddie Mac, rising 1.4 percent since January and the highest rate in more than 3 years. Monthly payments have increased significantly compared to this time last year, and as housing affordability declines, an increasing number of would-be homebuyers are turning to the rental market, only to face similar challenges as rental prices skyrocket and vacancy rates remain at near-record low.

Twin Cities Market-wide, inventory levels were down 12.1 percent. The property type that lost the least inventory was the Single-Family Detached segment, where it decreased 10.0 percent. That amounts to 0.9 months supply for Single-Family Detached homes, 0.9 months supply for Townhomes and 1.9 months supply for Condos.s.