As with last spring, the home-purchasing season will be competitive this year. Demand is still strong, especially in light of rising mortgage rates. Savvy consumers will want to get into a home before rates go up again. Amidst an environment of low inventory, buyers need to remain watchful of new listings and make their offers quickly.
In the Twin Cities region, for the week ending April 28:
• New Listings decreased 7.2% to 1,761
• Pending Sales decreased 9.5% to 1,389
• Inventory decreased 23.5% to 9,051