Don’t get me wrong. Homes for sale are in short supply throughout the metro area, but right now the supply is higher than at any time since before the pandemic. The housing market strongly favors sellers yet the graph does show a trend.
In a balanced housing market we would have a six-month supply of homes. In a market that favors buyers, there would be more than a six month supply.
Here is St. Paul there is just over a two-month supply of homes for sale. I’ll got out on a limb and predict that the supply of houses on the market will shrink along with mortgage interest rates.
