Median sale price went up again last month for the fourth month in a row for the first time in nearly six years… last time was June 2004. At 11% over last year, it is the strongest year-over-year increase since they started tracking in 2001.
As expected, sales increased again last month, 10.5% ahead of last year.
After a huge jump in new listings in March, likely due to sellers hoping to entice buyers taking advantage of the the homebuyer tax credit, new listings moderated a bit… close to 2007 levels.
Sales by price range continue to move up, but the divide between the lowest and highest price ranges continues to increase. It is a seller's market in the lowest price range and a strong buyer's market in the upper ranges, with nearly a three-year supply in the highest price range.
All housing styles are showing improvements in supply related to demand compared to the last three years, with townhouses showing the most improvement compared to last year.
Months supply of houses and townhouses have been tracking pretty close again. Now that the over supply of houses in the lowest price range is mostly gone, buyers are going back to townhomes for affordability.
The data above is based on statistics for the combined 13-county Twin Cities metropolitan area released by the Minneapolis Area Association of Realtors. Click here for links to local reports for 125 metro area communities.
Sharlene Hensrud, RE/MAX Results - Email – Minneapolis – St. Paul Real Estate Market Information