Twin Cities Housing Market Returning to Historic Trends

According to new data from the Minneapolis Area REALTORS® and the Saint Paul Area Association of REALTORS®, buyer activity in the month of July more closely resembled a typical, pre-pandemic summer than the frenzied buying spree seen over the last year or so. Demand as measured by pending sales was down 11.2 percent from July 2020 but was flat compared to July 2019.'
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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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