We are experiencing the late summer doldrums, when activity is suspended as we head into the state fair starting next week and the school season starting shortly after that… when people take advantage of the last days of summer.
Activity is basically holding steady. What is most significant is price reductions are the highest they have been since 2022, when average mortgage interest rates climbed from 3.22% in January to 7.08% in October.
New listings are following the same trends as last year at this time.
Price reductions are just one seller concession that is becoming more common. Learn more about it in the infographic from our blog at Keeping Current Matters below.
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
