As we close the books on 2017, it is clear that there is an ongoing national housing shortage. Year-over-year inventory levels have been down in most markets for several years now, and that trend is expected to persist in 2018. Even if there are occasional increases in the number of homes for sale from week to week, home supply is too low to achieve a balanced market. That said, consumers are most definitely purchasing homes quickly and often above asking price. Demand is strong, and there is plenty to feel optimistic about in 2018.
In the Twin Cities region, for the week ending December 30:
• New Listings decreased 37.7% to 243
• Pending Sales decreased 8.7% to 451
• Inventory decreased 24.6% to 7,712