Here is an overview of August home sales in Minnesota brought to us by the Minnesota Association of Realtors.
Inventory issues continue to plague first-time homebuyers while competitive pressures have sparked bidding wars. By the end of August, there was only a two-month supply of housing available for sale, which is a historic low.
Here ins St. Paul there is a 1.8 month supply which is the lowest we have seen since December of 2018 when there was. 1.7 month supply. Minneapolis also has a two month supply.
Same old story. Lots of buyers and few sellers. In past decades we were able to build our way out of housing shortages. This time around there is little new construction and what there is is very expensive.