Weekly Market Update: June 16, 2014

Price growth. It has been the result of low inventory in the market these days, and it would appear that the duration of the summer market will continue to see an increase in year-over-year median sales price. If inventory makes a significant leap, perhaps we'll see a different sort of impact on housing prices. Until then, the longer buyers wait, the more risk they take of paying a little bit more for that house key.

In the Twin Cities region, for the week ending June 7:

 • New Listings increased 10.3% to 2,154
 • Pending Sales decreased 0.7% to 1,283
 • Inventory increased 6.2% to 16,453

For the month of May:

 • Median Sales Price increased 8.2% to $210,000
 • Days on Market decreased 7.0% to 80
 • Percent of Original List Price Received decreased 0.2% to 96.8%
 • Months Supply of Inventory increased 8.3% to 3.9

Source:  Minneapolis Area Association of Realtors