The yellow brick road to complete housing recovery has the trees whispering of rising home prices and low inventory. Luckily, these trees won’t throw apples at us. Even though improvements appear flat in nature as we progress through each month, year-over-year comparisons still show encouraging overall trends. The full splendor of Emerald City (and Emeraldville, Emeraldton, Emerald Township, etc.) is just a skip and a song away.

In the Twin Cities region, for the week ending May 24:

• New Listings increased 3.9% to 1,870
• Pending Sales decreased 3.0% to 1,294
• Inventory increased 5.6% to 15,957

For the month of April:

• Median Sales Price increased 7.5% to $196,158
• Days on Market decreased 9.3% to 88
• Percent of Original List Price Received decreased 0.1% to 95.9%
• Months Supply of Inventory increased 2.9% to 3.5

All comparisons are to 2013

Click here for the full Weekly Market Activity Report. From The Skinny.

Higher prices gave sellers reason for optimism in early 2014. As prices stabilize, some are sensing the formation of a counter-trend. Silly rabbits. Price alone does not determine the state of the housing market. Number of sales by housing segment, the types of households being formed and the availability of well-paying jobs all play important roles to housing health. As the summer months approach, things like inventory of homes for sale, new listings and number of days on market until sale, along with pricing, will help predict the direction of the housing market.

In the Twin Cities region, for the week ending May 17:

• New Listings increased 10.0% to 2,039
• Pending Sales decreased 8.3% to 1,175
• Inventory increased 4.1% to 15,432

For the month of April:

• Median Sales Price increased 7.5% to $196,129
• Days on Market decreased 8.2% to 89
• Percent of Original List Price Received decreased 0.1% to 95.9%
• Months Supply of Inventory increased 2.9% to 3.5

All comparisons are to 2013

Click here for the full Weekly Market Activity Report. From The Skinny.

April showers bring the Speedwell. This could have been the mantra if 1620 had gone differently (go ahead and Google it). Either way, the May flowers are rising high even as mortgage rates stay persistently low, which helps boost affordability regardless of rising prices. More mortgage applications means more first-time buyers dipping into homeownership. Lower unemployment levels will also help direct buyers toward the rosy scent of a new home.

In the Twin Cities region, for the week ending May 10:

• New Listings increased 6.5% to 1,979
• Pending Sales increased 0.1% to 1,264
• Inventory increased 3.5% to 15,009

For the month of April:

• Median Sales Price increased 7.6% to $196,425
• Days on Market decreased 8.2% to 89
• Percent of Original List Price Received decreased 0.1% to 95.9%
• Months Supply of Inventory remained flat at 3.4

All comparisons are to 2013

Click here for the full Weekly Market Activity Report. From The Skinny.

Market normalization and an improved product mix is presented as housing weakness by some. However, price increases, demand and an improving national economic scene paint a brighter housing landscape. According to the Mortgage Bankers Association, total week-over-week mortgage application volume rose 5.3 percent on a seasonally adjusted basis. The trends for the drivers of new housing starts are as important as the trends within residential real estate. Where you find money and jobs, you find a fruitful housing market.

In the Twin Cities region, for the week ending May 3:

• New Listings increased 1.4% to 1,856
• Pending Sales decreased 13.4% to 1,203
• Inventory increased 2.6% to 14,688

For the month of April:

• Median Sales Price increased 7.6% to $196,425
• Days on Market decreased 8.2% to 89
• Percent of Original List Price Received decreased 0.2% to 95.8%
• Months Supply of Inventory remained flat at 3.4

All comparisons are to 2013

Click here for the full Weekly Market Activity Report. From The Skinny.