U.S. pending home sales decreased 6.3% month-over-month, according to the National Association of Realtors®, with monthly declines reported across all four regions. Year-over-year, pending sales fell in the Northeast, South, and West, but rose in the Midwest, where the typical home price is $313,000—about 25% below the national median.
In the Twin Cities region, for the week ending June 7:
- New Listings increased 0.1% to 1,705
- Pending Sales decreased 0.6% to 1,072
- Inventory increased 7.3% to 9,698
For the Month of May:
- Median Sales Price increased 2.6% to $395,000
- Days on Market increased 7.3% to 44
- Percent of Original List Price Received remained flat at 100.0%
- Months Supply of Homes For Sale increased 8.3% to 2.6