Nationally, pending home sales decreased 5.7% as of last measure, marking the third consecutive month of declines according to the National Association of REALTORS®. With housing supply at a record low, buyers are finding fewer and fewer homes for sale, while rising mortgage rates and increased housing costs have priced out marginal buyers. Inventory levels are expected to improve gradually as the weather warms; in the meantime, economists say buyers should expect a challenging spring market.

In the Twin Cities region, for the week ending February 26:

• New Listings decreased 12.7% to 1,104
• Pending Sales decreased 15.1% to 964
• Inventory decreased 16.9% to 4,469

For the month of January:

• Median Sales Price increased 10.6% to $333,000
• Days on Market decreased 2.4% to 41
• Percent of Original List Price Received increased 0.1% to 99.6%
• Months Supply of Homes For Sale decreased 20.0% to 0.8

FULL REPORT