The percentage of first-time home buyers fell to 31% in June, the lowest level in more than 3 decades, according to the National Association of REALTORS®. Cash offers, bidding wars, and soaring home prices are making it increasingly difficult for first-time buyers to compete in a market with record low inventory and declining housing affordability, even as 30-year mortgage rates dropped below 3 percent for the first time since February.

In the Twin Cities region, for the week ending July 31:

• New Listings decreased 1.6% to 1,832
• Pending Sales decreased 10.4% to 1,476
• Inventory decreased 25.9% to 7,427 For the month of June:
• Median Sales Price increased 14.8% to $350,000
• Days on Market decreased 52.4% to 20
• Percent of Original List Price Received increased 4.5% to 104.1%
• Months Supply of Homes For Sale decreased 42.9% to 1.2

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