For Week Ending June 4, 2016

Summer is heating up, as are home sales and prices. Millennials are hitting home- buying age with force and are showing interest in entering the real estate market. As inventory continues to struggle to keep up with demand, options are fewer than desired, and price wars are proving to be a challenge for many buyers in a seller’s market.

In the Twin Cities region, for the week ending June 4:

• New Listings decreased 7.9% to 2,011
• Pending Sales decreased 15.3% to 1,203
• Inventory decreased 19.5% to 13,571

For the month of May:

• Median Sales Price increased 5.7% to $236,826
• Days on Market decreased 21.1% to 60
• Percent of Original List Price Received increased 1.1% to 98.6%
• Months Supply of Inventory decreased 28.9% to 2.7

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.