With both inventory and months of supply struggling to keep up with demand, it will not be unusual to see some weeks where pending sales post a year-over-year decline, especially if new listings drop below the standards set during the prior year. Meanwhile, we can continue to expect to see sales prices forge their way upward and affordability shrink downward in what is expected to be a pleasant spring and summer for sellers.
In the Twin Cities region, for the week ending April 8:
• New Listings increased 1.4% to 2,013
• Pending Sales decreased 9.1% to 1,337
• Inventory decreased 21.7% to 10,188