The total supply of homes for sale at this early juncture of 2017 coupled with the relative low affordability of those homes have made the market interesting to watch. The combination of broad personal financial situations is particularly pronounced among millennials celebrating their prime homebuying years. While some individuals may have a decent amount of money saved up for a home purchase, others have educational debt, lowering their maximum affordability price. Being aware of this situational variety will help both lenders and agents.
In the Twin Cities region, for the week ending February 11:
• New Listings decreased 5.2% to 1,338
• Pending Sales increased 1.1% to 859
• Inventory decreased 23.3% to 8,583