Twin Cities Median Sales Price Hit Milestone $350,000

Buyers faltered for the first time in twelve straight months of increased demand.
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Demand For Homes Continues To Increase, Tightening Market Inventory

According to new data from the Minneapolis Area REALTORS® and the Saint Paul Area Association of REALTORS®, buyer activity in May was up 15.7 percent compared to last year, a twelfth-straight increase in month-over-month pending sales. Demand from buyers in the Twin Cities metro continues to out-pace the supply of new listings into the market.
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Supply Rebounds from 2020 Levels While Demand Continues to Rise

Market times fastest in 14 years amid record home prices in the Twin Cities
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Housing Market Press Releases – March 21

While new signed purchase agreements were also the strongest since 2005, they were down 0.1 percent from last year, suggesting low supply could be constraining sales.
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Housing Market Press Releases – February 21

Sales up, price growth strong, market times fast, but new listings down and supply levels very low
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Despite the headwinds, 2020 was a record-breaking year for housing

“Predictably, the result of record sales combined with ultra-low inventory meant rising prices and sellers accepting stronger offers in less time,” according to Tracy Baglio, President of SPAAR.
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