April showers bring the Speedwell. This could have been the mantra if 1620 had
gone differently (go ahead and Google it). Either way, the May flowers are rising
high even as mortgage rates stay persistently low, which helps boost affordability
regardless of rising prices. More mortgage applications means more first-time
buyers dipping into homeownership. Lower unemployment levels will also help
direct buyers toward the rosy scent of a new home.
In the Twin Cities region, for the week ending May 10:
• New Listings increased 6.5% to 1,979
• Pending Sales increased 0.1% to 1,264
• Inventory increased 3.5% to 15,009
For the month of April:
• Median Sales Price increased 7.6% to $196,425
• Days on Market decreased 8.2% to 89
• Percent of Original List Price Received decreased 0.1% to 95.9%
• Months Supply of Inventory remained flat at 3.4
Source: Minneapolis Area Association of Realtors
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