With tight inventory and rising prices and mortgage rates, this season will be the toughest for buyers in a decade
By Laura Kusisto | The Wall Street Journal
Robin Manthie and her husband have been looking for their first home in Minneapolis since last May. They thought this spring would bring a flood of inventory, making their search easier. But by most measures it is getting tougher.
The inventory of homes for sale in Minneapolis dropped by about 25% in February compared with a year earlier, while the median sale price rose by 7.6% to $223,000, according to the Minneapolis Area Association of Realtors. That’s on par with the national median home price of $228,400. The average number of days homes in the area are spending on the market is at a 10-year low of 81 days so far this year.