Home prices continue to rise at a fast pace nationally, with the median sales price of existing homes up 14.1% in January 2021 from the same time last year. Sales were also up, with January’s seasonally-adjusted annual existing home sales climbing 23.7% from the year before. Low supply of homes for sale continues to be an issue as “sales easily could have been even 20% higher if there had been more inventory and more choices,” according to NAR chief economist Lawrence Yun.
In the Twin Cities region, for the week ending February 27:
• New Listings decreased 15.8% to 1,211
• Pending Sales increased 4.0% to 1,104
• Inventory decreased 43.4% to 4,783
For the month of January:
• Median Sales Price increased 11.1% to $300,000
• Days on Market decreased 37.3% to 42
• Percent of Original List Price Received increased 2.6% to 99.5%
• Months Supply of Homes For Sale decreased 47.1% to 0.9