Existing home sales fell across much of the nation for the fourth consecutive month, with only the Midwest reporting higher sales than the previous month, according to the National Association of REALTORS®, as total existing home sales dropped 0.9% from April to a seasonally-adjusted rate of 5.80 million in May. Lack of inventory and a decline in affordability continue to be the primary factors for declining home sales in the U.S., as the real estate industry works with policymakers to identify solutions to help ease the housing crunch.
In the Twin Cities region, for the week ending June 19:
• New Listings increased 13.6% to 2,060
• Pending Sales decreased 7.5% to 1,519
• Inventory decreased 37.8% to 6,586
For the month of April:
• Median Sales Price increased 16.6% to $344,000
• Days on Market decreased 41.5% to 24
• Percent of Original List Price Received increased 4.4% to 104.0%
• Months Supply of Homes For Sale decreased 50.0% to 1.1