According to Realtor®.com, 18% of listings had a price reduction in April, up from 15.5% one year earlier, and the highest share for April going back to 2016. Among major metropolitan areas, Phoenix, AZ, had the highest share of listings with price cuts, at 31.3%, followed by Tampa, FL and Jacksonville, FL, at 29.3% and 27.6%, respectively.
In the Twin Cities region, for the week ending May 24:
- New Listings increased 5.2% to 1,412
- Pending Sales increased 0.8% to 1,153
- Inventory increased 6.6% to 9,442
For the Month of April:
- Median Sales Price increased 3.7% to $399,900
- Days on Market increased 6.5% to 49
- Percent of Original List Price Received decreased 0.2% to 99.7%
- Months Supply of Homes For Sale increased 4.5% to 2.3