April showers bring the Speedwell. This could have been the mantra if 1620 had gone differently (go ahead and Google it). Either way, the May flowers are rising high even as mortgage rates stay persistently low, which helps boost affordability regardless of rising prices. More mortgage applications means more first-time buyers dipping into homeownership. Lower unemployment levels will also help direct buyers toward the rosy scent of a new home.
In the Twin Cities region, for the week ending May 10:
- New Listings increased 6.5% to 1,979
- Pending Sales increased 0.1% to 1,264
- Inventory increased 3.5% to 15,009
For the month of April:
- Median Sales Price increased 7.6% to $196,425
- Days on Market decreased 8.2% to 89
- Percent of Original List Price Received decreased 0.1% to 95.9%
- Months Supply of Inventory remained flat at 3.4
All comparisons are to 2013
Click here for the full Weekly Market Activity Report. From The Skinny.