In general, there is slightly less than a month’s supply of single-family homes in the Twin Cities. I can’t find a time when the supply was lower. The supply is the same as an absorption rate which we use to calculate how long it would take to sell all of the houses on the market assuming no more were added. In most parts of the metro area than the number would be less than a month.
We are entering the end of the peak home-selling season. The number of houses on the market tends to go down in late summer early fall. Most of the home price gains for the year happen during the first and second quarters.
