With February's jobs data looking better than expected and inflation running well within the Fed's target range, mortgage rates ticked slightly higher. It's not much, and this affordability environment is still hugely attractive, but it's just enough to notice. Combined with low inventory, low rates have been a prominent motivation for buyers. But sellers need the real encouragement these days. Consistent year over- year price gains have proven insufficient thus far, but that's subject to change come spring.
In the Twin Cities region, for the week ending March 9:
• New Listings decreased 6.1% to 1,361
• Pending Sales increased 10.9% to 1,019
• Inventory decreased 30.7% to 12,476
For the month of February:
• Median Sales Price increased 15.5% to $160,000
• Days on Market decreased 22.2% to 112
• Percent of Original List Price Received increased 3.4% to 93.7%
• Months Supply of Inventory decreased 38.8% to 3.0
Source: Minneapolis Area Association of Realtors
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