The number of homes available for sale increased 20.8% annually in May, according to Realtor.com’s Monthly Housing Market Trends Report, driven largely by gains in the South, where inventory rose 54.4% year-over-year. Housing supply has continued to fluctuate across the U.S. amid higher interest rates, with more affordable metropolitan areas, such as those in the South and Midwest, seeing inventory growth year-over-year, while more expensive metro areas, such as those in the West and Northeast, have seen inventory decrease.
In the Twin Cities region, for the week ending June 17:
•New Listings decreased 17.3% to 1,547
•Pending Sales decreased 17.2% to 1,153
•Inventory decreased 9.9% to 7,379
For the month of May:
•Median Sales Price decreased 1.3% to $370,000
•Days on Market increased 65.2% to 38
•Percent of Original List Price Received decreased 2.9% to 101.1%
•Months Supply of Homes For Sale increased 28.6% to 1.8