Realtor.com reported this week that, nationally, the inventory of homes for sale in October declined 38.3% from October 2019, continuing the long-term trend of limited housing availability. Continued buyer interest along with a limited supply of inventory are extending the season of multiple offers on hot properties into what is normally the slower selling season.

In the Twin Cities region, for the week ending November 7:

• New Listings increased 11.9% to 1,235
• Pending Sales increased 18.5% to 1,222
• Inventory decreased 31.4% to 8,298

For the month of October:

• Median Sales Price increased 12.5% to $315,000
• Days on Market decreased 23.9% to 35
• Percent of Original List Price Received increased 2.4% to 100.5%
• Months Supply of Homes For Sale decreased 36.0% to 1.6

All comparisons are to 2019

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.