New buyers wanting to make their first home purchase are finding that they would have to spend more of their monthly incomes in order to do so. Higher prices during the busiest months of the selling season are giving some buyers pause, which is partly due to low inventory and the slow-moving pace of new home construction. In addition, some would-be sellers are staying put instead of trying to find a replacement home in a competitive environment, which can further stall inventory growth.
In the Twin Cities region, for the week ending June 10:
• New Listings increased 2.3% to 2,102
• Pending Sales decreased at 1,442
• Inventory decreased 16.1% to 12,107