Weekly Market Update: March 23, 2015

Have rents gone up enough to get renters to lean toward homeownership again? That’s the question of the moment. With mortgage rates remaining low, the time may be ripe for renters to invest in something beyond a 12-month lease as rental affordability is beginning to border on unaffordability.

In the Twin Cities region, for the week ending March 14:

• New Listings increased 20.6% to 1,765

• Pending Sales increased 14.3% to 1,040
• Inventory increased 1.4% to 13,523

For the month of February:

• Median Sales Price increased 9.3% to $200,000
• Days on Market increased 7.1% to 106
• Percent of Original List Price Received increased 0.7% to 94.2%

• Months Supply of Inventory increased 3.3% to 3.1

Source:  Minneapolis Area Association of Realtors