In August, Minnesota’s residential real estate marketplace was exceptionally busy, with pending sales up +16.3%. Chris Galler, CEO of Minnesota Realtors:

“The median sale price was up significantly, 9.3 percent. Statewide we are now at 283-thousand dollars for a median price point. So that means as many homes sell above that as below that.”

Galler says inventory issues continue to plague first-time home buyers. The number of homes for sale in August dropped 36.2% when compared to last year. Competitive pressures have sparked bidding wars among home buyers, as sellers field multiple offers. By the end of August, there was only a two-month supply of housing available for sale, which is a historic low.