Builder confidence softened for the fourth straight month in April, according to the
National Association of Home Builders/Wells Fargo Housing Market Index, as
escalating sales prices, higher construction costs, and increasing mortgage rates
continue to impact housing affordability. With the average sales price of a new
home upwards of $500,000 as of last measure, builders report sales traffic and
sales conditions have fallen to their lowest points since last summer.

In the Twin Cities region, for the week ending April 16:

• New Listings decreased 12.8% to 1,454
• Pending Sales decreased 6.3% to 1,406
• Inventory decreased 13.2% to 5,103

For the month of March:

• Median Sales Price increased 7.8% to $354,000
• Days on Market decreased 10.3% to 35
• Percent of Original List Price Received increased 0.8% to 102.7%
• Months Supply of Homes For Sale remained flat at 1.0

FULL REPORT