Sales prices of existing homes rose in nearly 70% of metropolitan areas in the first quarter of 2023, according to the latest quarterly report from the National Association of REALTORS® (NAR). Despite the increase, however, affordability improved slightly from the fourth quarter of 2022, when 90% of metropolitan areas saw annual sales price increases. On average, families spent 24.5% of their monthly income on mortgage payments in the first quarter this year, compared to 26.2% in the fourth quarter last year.

In the Twin Cities region, for the week ending May 27:
•New Listings decreased 19.3% to 1,355
•Pending Sales decreased 19.1% to 1,184
•Inventory decreased 5.7% to 6,915

For the month of April:
•Median Sales Price remained flat at $369,900
•Days on Market increased 64.3% to 46
•Percent of Original List Price Received decreased 3.6% to 100.1%
•Months Supply of Homes For Sale increased 33.3% to 1.6

FULL REPORT