A new analysis from Realtor.com® found that 20% of home sales nationwide in the first two months of this year were purchased in cash, up about 5% from a year ago. The substantial increase in cash buyers can be partially attributed to the competitiveness of the housing market, where a cash offer can help a buyer’s offer stand out from competing offers. Meanwhile, for buyers that do need to finance their purchase, mortgage rates on a 30-year fixed-rate mortgage averaged just 3% last week.
In the Twin Cities region, for the week ending May 22:
- New Listings increased 1.1% to 1,818
- Pending Sales increased 7.5% to 1,625
- Inventory decreased 45.1% to 5,838
For the month of April:
- Median Sales Price increased 10.4% to $336,845
- Days on Market decreased 34.0% to 31
- Percent of Original List Price Received increased 3.4% to 103.3%
- Months Supply of Homes For Sale decreased 52.4% to 1.0
All comparisons are to 2020
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.