New listings are ahead of last year for the first time this year… perhaps that is what is helping feed showings, which have been ahead of last year all summer. Low unemployment and better pay are also helping buyers as they come to grips with rising mortgage interest rates.
The metric that continues to fall is coming soon listings… but that isn’t unusual in August, as people enjoy the end of summer… and the Minnesota State Fair now through Labor Day.
What has been holding back the market is a shortage of inventory… there simply are not enough homes for sale to feed demand. The infographic below from our blog at Keeping Matters Current illustrates how today’s inventory is only about half the usual inventory before the pandemic years. Those numbers are nationwide… and our Twin Cities market indicates the same thing.