Through research conducted by the National Association of REALTORS® on the 100 largest housing markets in the nation, it was revealed that 93 out of 100 had uneven wealth ratios and declining homeownership between 2010 and 2013. Homeownership has dropped as slow wage growth, low inventory and tough mortgage standards have become the norm. Activity is spring fresh and exciting at the moment, but it is important to be mindful of the long game.
In the Twin Cities region, for the week ending May 2:
• New Listings increased 10.5% to 2,050
• Pending Sales increased 26.0% to 1,512
• Inventory decreased 1.3% to 15,298
For the month of April:
• Median Sales Price increased 10.2% to $216,000
• Days on Market decreased 4.5% to 85
• Percent of Original List Price Received increased 1.1% to 97.0%
• Months Supply of Inventory decreased 2.8% to 3.5
Source: Minneapolis Area Association of Realtors
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