For Week Ending May 7, 2016

Although higher than they were a year ago, mortgage applications are barely moving from week to week despite mortgage rates sitting at three-year lows. Supply remains lean across the country, and sales figures are showing some of the strain of that reality. Homes that show well continue to sell quickly and at prices that make sellers smile.

In the Twin Cities region, for the week ending May 7:

• New Listings increased 4.8% to 2,212
• Pending Sales increased 3.3% to 1,555
• Inventory decreased 19.4% to 13,011

For the month of April:

• Median Sales Price increased 7.8% to $231,750
• Days on Market decreased 14.1% to 73
• Percent of Original List Price Received increased 1.0% to 98.0%
• Months Supply of Inventory decreased 25.0% to 2.7

All comparisons are to 2015

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