As a real estate agent in the Twin Cities, I pride myself on having the experience and an  understanding of the local market and how various changes affect home prices in our area. If you are considering buying or selling a home, 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 to you on your neighborhood. Have a great day!

Temperatures are heating up, yet the U.S. The housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer homebuying season. According to the latest data from the National Association of REALTORS (NARR), national existing-home sales climbed 0.2% from the previous month but were down 20.4% compared to the same time last year, as fluctuating mortgage rates and a near all-time low level of inventory continue to influence home sales.

Nationwide, total housing inventory increased 3.8% from the previous month, for a 3- month's supply at the current sales pace. The shortage of homes for sale has kept prices high for remaining buyers, with a national median sales price of $396,100 as of last measure, a 3.1% decline from the same time last year and the largest annual decrease since December 2011, according to NARR. As demand continues to outpace supply, properties are selling quickly, with most homes listed for sale on the market for less than a month.

Limited existing-home inventory continues to be a boon for homebuilders, who have ramped up production to meet the rising demand in the new home market. Housing starts were up 21.7% month-over-month as of last measure, the fastest pace in more than a year, while housing permits increased 5.2% month-over-month, according to the U.S. Census Bureau. Renewed interest in new homes this year has helped builder confidence increase to its highest level since July 2022, according to the NAHB / Wells Fargo Housing Market Index (HMI).

New Listings in the Twin Cities region decreased 16.5 percent to 6,664. Pending Sales were down 10.8 percent to 4,997. Inventory levels fell 13.4 percent to 7,492 units.The Median Sales Price increased 0.5 percent to $382,000. Days on Market was up 47.6 percent to 31 days. Buyers felt empowered as Months Supply of Homes for Sale was up 17.6 percent to 2.0 months.

Market-wide, inventory levels were down 13.4 percent. The property type that lost the least inventory was the Townhomes segment, where it decreased 5.7 percent. That amounts to 1.9 months supply for Single-family homes, 1.7 months supply for Townhomes and 2.8 months supply for Condos.
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