The slower pace of home sales has helped housing supply increase at a record pace nationwide, with inventory climbing 67.8% year-over-year in February, according to Realtor®.com’s latest Monthly Housing Market Trends report. Inventory was up in 49 out of 50 of the largest US metros, driven largely by increased time on market and a decrease in buyer demand due to elevated borrowing costs. February marks the 6th consecutive month the supply of homes increased, although inventory remains down compared to pre-pandemic levels.
In the Twin Cities region, for the week ending March 11:
• New Listings decreased 25.8% to 1,011
• Pending Sales decreased 31.7% to 804
• Inventory increased 10.4% to 5,649
For the month of February:
• Median Sales Price increased 0.5% to $341,850
• Days on Market increased 38.6% to 61
• Percent of Original List Price Received decreased 3.6% to 97.2%
• Months Supply of Homes For Sale increased 44.4% to 1.3