With the Parade of Homes wrapping up, as far as Minnesota home builders are concerned it is time to start preparing for winter. Minnesota is starting winter with our first snow fall coming this morning. Along with the start of winter usually comes a drop in housing inventory. According to Zillow’s research data, for–sale housing inventory dropped last winter by 54.4%. This is a far higher percentage than the national average which was at 35.3%. Minnesota and the Minneapolis metro area have certain issue’s that many other places do not. Minnesota is much more volatile in terms of for-sale inventory, this is mostly because of our brutal winters. Minneapolis home sellers need to sell home but have a much smaller window to do so. Minneapolis is coming off of one of its most volatile years in terms of for-sale inventory, it will be interesting to see how builder skepticism, high interest rates and high inflation play into our for-sale housing inventory and current home shortage.
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