Inventory continues to rise as it has all year… in July, 11.7% above last year.
Months supply of inventory also is continuing to increase, 13.0% over last July.
New listings were down 3.3%, but pending and closed sales were down more than 10% allowing for the increase in inventory.
Closed sales have been eerily constant for the last four months. Will falling interest rates fuel more sales in future months?
Days on market before pending continues to rise, as percent of list price received drops. Median sales price continues to rise, however… inventory hasn’t yet caught up to demand.
Multiple offers are still higher than they were before the pandemic, but the frenzy has waned.
There have been fears about falling prices, but year-over-year prices are still higher than last year, average of 2.7% ahead of the previous year for the last 12 months.
Months supply of homes for sale continues to modestly rise, with the lowest supply in the $250k-$350k range, at 1.7 months. Houses and townhouse supply continues to be tied, this month at 2.5 months. Condo have the biggest supply available for sale, at 4.5 months.
The supply of previously owned properties for sale increase 27.8% over last July, while new construction dropped 11.5%.
The figures above are based on statistics for the combined 13-county Twin Cities metropolitan area released by the Minneapolis Area Association of Realtors.
Never forget that all real estate is local and what is happening in your neighborhood may be very different from the overall metro area.
Click here for local reports on 350+ area communities
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
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