Interest rates are on the rise, but further increases should be incremental and gradual without harming housing demand. All the same, some buyers might feel an extra pinch to act soon if economic and jobs data continues on a path of improvement. Ultra-low rates will not remain the rule of the day if the economy gives the Fed no reason to maintain its quantitative easing (money printing) stimulus policies.
In the Twin Cities region, for the week ending June 1:
• New Listings increased 23.6% to 1,713
• Pending Sales increased 22.8% to 1,180
• Inventory decreased 23.1% to 14,349
For the month of May:
• Median Sales Price increased 15.1% to $194,450
• Days on Market decreased 29.8% to 87
• Percent of Original List Price Received increased 2.5% to 97.0%
• Months Supply of Inventory decreased 30.6% to 3.4
Source: Minneapolis Area Association of Realtors
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