September 2024 Advocacy Report

Here is your advocacy update for the month of September! 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.

SPAAR's Housing Resource Fair

Join SPAAR for a special event to meet and connect with local housing-related nonprofits! Learn about their inspiring missions, the impactful work they're doing, and the valuable resources and programs they offer for Realtors®, their clients, and fellow community members.

This event presents a fantastic opportunity to get acquainted with the wonderful initiatives led by these nonprofit organizations. This event is open to all Realtors® and community members eager to play an active role in promoting housing opportunities and enriching our community.

The Housing Resource Fair will be held on Thursday, October 3 from 2 pm-4 pm at SPAAR's office, 325 Roselawn Ave E, Saint Paul, MN 55117.

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.

The GADs Recommend

We're officially in Fall 2024! With that, SPAAR's Government Affairs Directors, Simon Opatz and Becky Wegscheid, are recommending some fun area events to help take advantage of the last of the summer weather. Let us know which ones you attend!

Sever's Fall Festival

Sever’s Fall Festival is back. Drink some cider, jump in the corn pit, and get lost in the famous corn maze for a fun time for the whole family.

Sep. 14–Oct. 27, 3121 W. 150th St., Shakopee, 952-270-6293

Tricks & Treats and ValleyScare @ Valleyfair

Put the "wee" in Halloween at Valleyfair’s Tricks and Treats. All the popular rides are open for the night, and there’s guaranteed to be something for everyone, from child-friendly vibes for the little gremlins to spooky scares for the grown-up ghouls.

Sept. 28–Oct. 27, 1 Valley Fair Dr., Shakopee, 952-445-7600

MN Zoo Jack-O-Lantern Spectacular

Glowing jack-o-lanterns are on the docket at this spectacular (spook-tacular?) event, hosted by the Minnesota Zoo. Walk down the trail with friends and family to see thousands of decorated pumpkins, and even get a personalized gourd of your own to take home!

Sept. 28–Nov. 2, 13000 Zoo Blvd., Apple Valley, 952-431-9200

Twin Cities Book Festival

Head over to the Minnesota State Fairgrounds on October 19 for a lot of reading fun. The Twin Cities Book Festival is back with a day of local author readings, exhibitions, and an all-day book fair.

Autumn Brew Review

Loaded with dozens of local craft breweries and brewpubs, the Autumn Brew Review makes its way to Boom Island Park on October 12, with full autumn leaf and Mississippi River ambiance. Come ready for small business and food trucks, and leave with your new favorite brew.

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.