The number of homes on the market remains low. If we look at the number of homes on the market in St. Paul and subtract those that have offers on them there are only 915 homes on the market in St. Paul. I am getting inquires from people who are interested in selling but not as many sellers as buyers. There is less than a 3 month supply of homes on the market which is very low.
Some of the people who want to sell can not sell because they owe more on their homes than they can get for them. Some buyers who want to buy can not because they can not find a home to buy. It is likely that the home they would like to buy is owned by someone who can not sell. Honestly this is a mess and even though the housing market is stronger than it was last year prices on homes are much lower than they were a few years ago.
The data used to make this chart is from the NorthStar MLS which is a data source that is deemed reliable but not guaranteed which makes it much better than other data sources that are not at all reliable but used by the media to screw with your mind as they give you housing numbers.
For other local data that is somewhat reliable please see Local Market Conditions & Home prices.