Jobs data looking better than expected and inflation running well.

With February’s jobs data looking better than expected and inflation running well within the Fed’s target range, mortgage rates ticked higher. It s not much, and this affordability environment is still hugely attractive, but it’s just enough to notice. Combined with low inventory, low rates have been a prominent motivation for buyers. But sellers need the real encouragement these days. Consistent year-over- year price gains have proven insufficient thus far, but that’s subject to change come spring.

 

In the Twin Cities region, for the week ending March 9:

• New Listings decreased 6.1% to 1,361

• Pending Sales increased 10.9% to 1,019

• Inventory decreased 30.7% to 12,476

 

For the month of February:

• Median Sales Price increased 15.5% to $160,000

• Days on Market decreased 22.2% to 112

• Percent of Original List Price Received increased 3.4% to 93.7%

• Months Supply of Inventory decreased 38.8% to 3.0

 

The Weekly Market Activity Report is produced by the Minneapolis Area Association of REALTORS® (MAAR) for REALTOR® members and interested parties on a weekly basis. Use it to further your understanding of the Twin Cities 13-county residential real estate marketplace.

Good luck and happy home selling!

Matthew Johnson

www.mattjrealtor.com

The Johnson Real Estate Group serves Woodbury, Oakdale, Cottage Grove, and the entire Twin Cities Area including Western Wisconsin! We are dedicated to providing a superior experience when buying or selling your Twin Cities home! Contact us at www.mattjrealtor.com to find out more.

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