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Continued: Twin Cities home listings rose in April, but remain in short supply

  • Article by: JIM BUCHTA , Star Tribune
  • Last update: May 12, 2014 - 9:36 PM

At the end of the first quarter there were 1.99 million houses for sale, 3.1 percent more than last year. At the current sales pace, that inventory would last five months, a level that favors sellers. A supply of six to seven months represents a rough balance between buyers and sellers.

Mortgage interest rates down

Despite the imbalance, buyers have one thing in their favor: Mortgage interest rates are trending down, falling recently to their lowest level this year, according to several national surveys.’s Weekly Mortgage Rates Radar showed the average rate for conforming 30-year fixed-rate mortgages fell by seven basis points (0.07 percent) to 4.31 percent.

“The investor rush into stocks has cooled for the moment, and there are plenty of other concerns to keep markets on the defensive,” said Keith Gumbinger, vice president of, a publisher of mortgage information. “Although the U.S. economy seems to be picking up some momentum, the effects of slower growth in China and the unstable situation in Ukraine are all contributing to the ongoing bid for Treasury debt, driving yields down and pulling mortgage rates down too.”

Jim Buchta • 612-673-7376

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  • Karen and Mark Swoverland packed up items in the kitchen, on 4/30/14, as they moved to an apartment after selling their house in south Minneapolis.

  • Karen and Mark Swoverland packed up items in the kitchen as they moved to an apartment after selling their house in south Minneapolis.

  • Movers from Two Men and a Truck moved Karen and Mark Swoverland to an apartment after the couple sold their house in south Minneapolis. The frustration continues for house buyers. During April, the supply of houses on the market fell to new lows, putting a lid on home sales and boosting prices. Karen and her husband sold their house in South Mpls in 2.5 days, but for months they’ve been looking for a house to replace it. They’ve had no luck, so they’re moving into the 7west apartments until they find their next new home. NOTE- THE...

  • The Swoverlands’ house in south Minneapolis had multiple offers within 48 hours and sold before they had found a new home.

  • Karen and Mark Swoverland sold their house quickly and had to move before they could find a new house they liked. Inventory continued to be sparse for buyers.

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