Clearly, there’s been a shift in the housing market: Inventory is falling, home sales are up and market times are down. And in a nationwide survey by Realtor.com, in all but one metro area the median ask price during March was up. It rose 5.6 percent from a year ago, and was up 1 percent from February.
What city didn’t post an increase? The Twin Cities, where the median list price was down 2.2 percent. The general increase in ask price is interpreted as a sign that sellers are more confident than they were last year, so are able to put a higher price tag on their listings.
In this metro, which is generally thought to be among the most healthiest in the nation by some experts, the one-month decline seems counter-intuitive. Could be a statistical anomaly, but it could also be a sign of continuing seller skittishness. Only time – and more data – will tell. Here’s a link to the full report, which includes other February sales data for most big metro areas across the country.