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Weekly Market Activity Report for Week Ending March 2 Tags:

The limited supply of existing-home inventory nationwide continues to benefit the new-home market, with applications for new home purchases up 38% month-overmonth and 19.1% year-over-year in January, according to the Mortgage Bankers Association Builder Application Survey. The latest reading marks the 12th consecutive annual increase and is the strongest non-seasonally adjusted reading for the month in the survey’s history.

In the Twin Cities region, for the week ending March 2:

• New Listings increased 2.5% to 1,198
• Pending Sales increased 10.0% to 845
• Inventory increased 11.7% to 6,686

For the month of January:

• Median Sales Price increased 3.2% to $353,035
• Days on Market decreased 8.2% to 56
• Percent of Original List Price Received increased 0.6% to 96.6%
• Months Supply of Homes For Sale increased 28.6% to 1.8