From a heart-of-summer perspective, the residential real estate market has performed as expected when predictions were made at the front of the year. Buyer interest is high and inventory is not at a proper level to meet demand. Total sales and new listings are generally behind last year’s levels from week to week, but there is evidence of improvement in both metrics.
In the Twin Cities region, for the week ending July 8:
• New Listings decreased 16.9% to 1,371
• Pending Sales decreased 4.7% to 1,061
• Inventory decreased 16.7% to 12,351