08/23/2025
Update released for the July 2025 housing market👇
JULY HOUSING REPORT—housing market posts gains in listings, sales, and prices 📈
A hot, wet, and smoky July didn’t stop buyer and seller activity from gaining momentum—new listings rose 4.0% while pending sales increased 3.1% statewide. Supply rose to 3.1 months, continuing the 24-month trend of inventory growth and bringing us closer to a balanced market.
Mortgage rates averaged 6.72% last month, down from about 6.82% in both May and June. So far in August, the average has dropped even further to about 6.58%.
“The shift in mortgage rates is promising, and we’re already hearing about sidelined buyers preparing to resume their searches if the trend continues,” said MNR President Patti Jo Fitzpatrick. “The fact that they’ll likely have more inventory that could meet their needs is another positive, but affordability concerns certainly haven’t gone away.”
Key Indicators Year-Over-Year:
⬆️ Homes for Sale: 17,667 (up 7.6%)
⬆️ Median Sales Price: $365,000 (up 3.1%)
⬆️ Days on Market: 38 (up 8.6%)
⬆️ Closed Sales: 6,777 (up 0.4%)
⬆️ Months of Supply: 3.1 (up 3.3%)
Read the full report: https://bit.ly/4oFb19t
