The Minneapolis Area Association of REALTORS® just released their June report on the housing market in our area and their are some very positive signs, all without government help or special programs.

The median sales price is up 10.7% over June '11, now at $179,500, while days on market has dropped by 22% from 145 days last June to 113 days in June of 2012.  Pending sales both for the month of June have increased (16%) and year to date (21.2%) over last year.

The inventory of homes for sale however, has decreased by 31% over June of last year.  We are down to only 17,103 homes for sale, Metro wide.  We have to go back to January of 2004 to find inventory levels this low.

So, with mortgage rates having fallen to the lowest level in the last 40 years (30 year mortgage is 3.62%), a shortage of homes for sale on the market, this is truly a sells market.