Housing Market Press Releases
Sales down and inventory up amid slowing price growth
(December 15, 2022) – According to new data from Minneapolis Area REALTORS® and the Saint Paul Area Association of REALTORS®, the metro saw its largest drop in year over year home sales this November, largely due to increased mortgage interest rates combined with unprecedented buyer activity in the fourth quarter of 2021.Higher rates continue to cool sales and freeze some out
The decline in buyer activity is largely a response to increased mortgage interest rates and many completing purchases in the last couple years. Meanwhile, home prices continue their ascent.Rates push sales down further as home prices continue to grow
Pending sales were down by over a quarter in September compared to last year. Sellers also accepted a smaller share of their asking price as their listings took longer to sell.Home price growth slows as market times rise and demand cools
Both sales and listing activity were down in August while home price growth has slowed to its lowest level in two years but remains positive. Sellers also accepted lower offers as market times rose.Buyers grapple with affordability challenges amidst rising rates and home prices
Twin Cities home prices rose as sellers continued receiving strong offers despite slightly longer market times. Meanwhile, buyers signed 18.4 percent fewer purchase agreements than last year. While these signal a rebalancing marketplace, the persistent shortage of homes in the region should keep prices resilient.Twin Cities housing supply up for the first time in two years
According to new data from Minneapolis Area REALTORS® and the Saint Paul Area Association of REALTORS®, the Twin Cities metro area ended the month of May with 6,797 homes, 5.3 percent more homes than last May. This is the first year-over-year inventory increase since March of 2020.Home prices hit $370,000 as rates push affordability to lowest level since 2004
According to new data from the Saint Paul Area Association of REALTORS® and Minneapolis Area REALTORS®, the Twin Cities metro area saw rising prices, fast market times and strong offers—often over asking price—during April.February 2022 Overview: Sales Begin Seasonal Upswing, But Down From Last Two Unusually Strong Februarys
According to new data from Minneapolis Area REALTORS® and the Saint Paul Area Association of REALTORS®, buyer activity in the Twin Cities metro showed its first month-over-month gain since August 2021. As the Covid reshuffle continues to temper, sales are down compared to February of 2020 and 2021, but up from 2019 levels.