08/15/2024
Listings up but sales down, lower rates
likely to boost activity
Annual trends suggest that peak home buying and selling season has passed in Minnesota, but there’s still significant action ahead—particularly if mortgage rates remain favorable. Seller activity continues to outpace buyer activity.
For July, the number of homes for sale rose by 12.2% to 15,600 active listings, offering more purchase options for buyers. However, buyers should be aware that shopping in a market with only 2.8 months of supply indicates that most areas, segments, and price points still favor sellers. Affordability remains a key barrier to home buying for Minnesotans.
“The housing market started off strong this year but cooled down unexpectedly. Now, we’re hopeful that lower interest rates will make homes more affordable and boost demand in the second half of 2024,” said 2024 MNR President Geri Theis. “Remember that housing is unique and influenced by several economic factors. If interest rates level off, we could see an increase in home buying activity in the coming months.”
July Year-Over-Year Summary of Key Market Indicators:
Closed sales: 6,645 (down 1.2%)
Median sales price: $353,995 (up 4.1%)
Average sales price: $416,773 (up 3.7%)
New listings: 9,338 (up 5.4%)
Pending sales: 6,374 (down 5.4%)
Days on the market: 35 (up 20.7%)
Homes for sale: 15,600 (up 12.2%)
