Higher home prices are bringing more sellers into the market. At the same time, with more traditional buyers and fewer investors in the market, demand for move-in ready houses is on the rise. During May there were 8,572 new listings, boosting overall inventory levels 6.1 percent to 16,368 homes for sale. Here's a look at the key market indicators during May, according to data from the Minneapolis Area Association of Realtors.
- Median sales price: up 8.2 percent to $210,000 – the highest May median sales price since 2007, tied for the highest median price for any month since December 2007 and the 27th consecutive month of year-over-year price gains.
- New listings: 8,572, up 3.0 percent Of those, new traditional listings were up 14.1 percent while foreclosure and short sale listings fell 44.0 percent and 47.7 percent, respectively,
- Overall pending sales: 5,260, down 9.0 percent. Of those, traditional pending sales increased 0.7 percent and foreclosure and short sale pendings fell 39.3 percent and 47.3 percent.
- Closings: 4,868, down 11.4 percent.
- Percent of all sales that were foreclosures and short sales: 10.0 percent and 15.0 percent - the fewest since October 2007 and May 2007.
- Average days on market: 80 days, down 7 percent.