Existing home sales increased across the US for the third straight month, to a 10-month high, according to NAR (National Association of Realtors). Minnesota recorded an 8.3% increase in new listings and a 7.7% increase in closed sales… almost enough to eat up the new listings.
Pending sales dropped 5.1%, very close to the drop in months supply of inventory, which fell 5.3% to 1.8 months. Overall inventory has been rising modestly the last three years.
But not enough to feed the hungry buyers ready to buy, which drives the continued sales price increases.
Days on the market before pending increased by 17.9% to 66 days, the highest since 2020. Percent of list price received increased a modest 0.3% over last January, but enough to help feed an increase of 5.0% in median sale price to $370,000, a price which tied December 2024.
Multiple offers continued to be ahead of 2019 and 2020, before the pandemic, with at least 9.4% of sales closing with multiple offers.
Homes in the $250k-$350k price range had the lowest months supply by price… condos had the lowest months supply by type.
Change in months supply of new vs previously owned homes was interesting… months supply of previously owned homes dropped 7.1% while the new construction supply had no change… same as last year.
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.
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Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
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