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

Click here for the full Weekly Market Activity Report.From The Skinny.

Weekly Market Report

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