Each week, the Minneapolis Area Association of Realtors(r) publishes a report that breaks down the housing supply for the Twin Cities. At this point, we have a seven month supply of homes for sale. The way this figure is calculated is they take in to account how many homes are currently pending – i.e. under contract – versus how many are for sale. That ratio is seven months.

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For $1 million plus homes, the supply continues to be a problem. There’s a 16 month supply of previously owned $1 million plus homes and a 27 month supply of newly constructed $1 million plus homes.

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