New, coming soon and pending listings are all falling according to normal patterns. The only metric that is rising is price changes… again according to normal seasonal patterns.
Looking at year-over-year price changes for the last three years, the rise in interest rates took a toll after the insane price growth after the pandemic but it looks like now we may be getting back to normal.
Our Midwest market is not quite as volatile as it is on the western, eastern and southern coasts. National prices went down as soon as interest rates started to rise last year, but in our market they didn’t fall quite as much. May 2023 was the only month in the last three years where median sale prices were lower than the previous year. The infographic below from our blog at Keeping Current Matters shows the 49-year national average seasonal price curve, along with national price movement this year.
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
