October 2024 Advocacy Report

Here is your advocacy update for the month of October! The Saint Paul Area Association of Realtors® Advocacy Report goes out each month and is your one-stop-shop for everything related to Government Affairs throughout SPAAR's jurisdiction.

The Advocacy Report goings out to the entirety of SPAAR's membership. The Report go out monthly. If you're not receiving the advocacy report and would like to, email spaar@spaar.com.

If you have any questions or hear of local advocacy issues that affect the real estate industry, please contact SPAAR's Government Affairs Directors, Becky Wegscheid and Simon Opatz.

Election Day is November 5th

As we all know, this year/s Election is right around the corner. On November 5th America will cast its final ballots for everything from City Council to President of the United States.

Nationwide and state-level races are often at the forefront of voters' minds, but it is important to remember the impact of local elections. Here at the Saint Paul Area Association of Realtors® (SPAAR), we are focused on issues and candidates in your communities.

SPAAR wants to reassert its values of nonpartisanship and bipartisanship. When it comes to election season SPAAR only concerns itself with local candidates’ views on public policy issues related to real estate, housing, and property rights. We do not wade into the political waters. Whether a candidate is Republican, Democratic, Libertarian, or Independent, if they are Realtor® champions, we will support them.

SPAAR works with city and county officials to build better communities. We do not involve ourselves in state and national political or electoral matters.

Here at SPAAR, our goal is to promote homeownership and protect private property rights for all. Regardless of which candidates are in office, SPAAR will continue to work towards our goals.

August 2024 Local Market Update

U.S. existing-home sales increased for the first time in 5 months, as lower mortgage rates and rising supply helped boost market activity. According to the National Association of Realtors® (NAR), sales of previously owned homes rose 1.3% month-over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downward trend of recent months.

New Listings in the Twin Cities region decreased 3.3% to 5,940. Pending Sales were down 10.2% to 4,017. Inventory levels rose 11.7% to 9,712 units. Prices continued to gain traction. The Median Sales Price increased 2.6% to $389,700. Days on Market was up 21.2% to 40 days. Buyers felt empowered as Months Supply of Homes for Sale was up 13% to 2.6 months.

Nationally, total housing inventory edged up 0.8% from the previous month to 1.33 million units heading into August, for a 4.0-month supply at the current sales pace, NAR data shows. Although inventory is up nearly 20% compared to the same time last year, demand continues to outpace supply, putting upward pressure on sales prices.

According to NAR, the nationwide median existing-home price rose 4.2% year-over-year to $422,600 at last measure, marking the 13th consecutive month of annual price increases.

Advocacy Updates

To view your Advocacy Updates from the East, South, North, West Metro and Minnesota and Nationwide News, check out the Advocacy Updates blog.

Read Advocacy Updates

Member Updates

If you have an issue in your community that needs the attention of Realtors® or if you have interesting advocacy stories to share, please reach out to Vice President of Advocacy & Community Engagement Joe McKinley or Government Affairs Directors, Simon Opatz or Becky Wegscheid.

The work of the Realtor® Party relies on your investment in the Realtors® Political Action Committee (RPAC).

Click here to learn about RPAC's non-partisan advocacy for homeowners and the real estate industry.