With the spring market well underway, buyer activity remains very robust and hot properties continue to frequently encounter bidding wars. While mortgage rates have ticked up over 3% for the first time since last July, the incremental increase is unlikely to have a substantial effect on buyer demand.

In the Twin Cities region, for the week ending March 6:

• New Listings decreased 21.8% to 1,433
• Pending Sales decreased 1.7% to 1,130
• Inventory decreased 44.6% to 4,818

For the month of February:

• Median Sales Price increased 11.5% to $314,000
• Days on Market decreased 31.3% to 46
• Percent of Original List Price Received increased 2.1% to 100.1%
• Months Supply of Homes For Sale decreased 47.1% to 0.9

FULL REPORT