Twin Cities Housing Supply Outlook - October

What to Watch For

Twin Cities Housing Supply Outlook

If you're buying a home in the price range below $120,000, you're gonna have to
move fast. There's only 2.9 months of supply in that range, which places it in the
extreme seller's market category. The reason for the tight inventory picture?
There's been a huge upsurge in home buying activity—sales are up 127.5
percent in that category over the last twelve months.

The number of new construction properties available for sale continues to shrink
rapidly as builders pull back from creating new inventory. The current inventory
of 2,426 listed new construction properties in the MLS system represents a drop
of over 1,200 units from a year ago.

Unfortunately for builders, new construction home sales have also rapidly
declined, falling by 18.8 percent (over 800 units) in the last twelve months