July 2024
U.S. existing home sales fell 5.4% month-over-month and 5.4% year-over-year to a
seasonally adjusted annual rate of 3.89 million units, with monthly sales down in all four
regions, according to the National Association of REALTORS® (NAR). Higher mortgage
rates, along with rising sales prices, have kept many prospective buyers on the
sidelines, despite more home choices and less competition for those homes.
New Listings in the Twin Cities region increased 7.2 percent to 6,317. Pending Sales
were down 4.2 percent to 4,221. Inventory levels rose 11.4 percent to 9,398 units.
Prices continued to gain traction. The Median Sales Price increased 2.7 percent to
$385,000. Days on Market was up 24.1 percent to 36 days. Buyers felt empowered as
Months Supply of Homes for Sale was up 13.6 percent to 2.5 months.
Home prices have maintained their upward trend across much of the country, even as
sales slow and inventory improves. According to NAR, the national median existing home sales price climbed 4.1% year-over-year to $426,900 as of last measure, an all time high. Meanwhile, total housing inventory increased 3.1% month-over-month to 1.32 million units heading into July, the highest level since 2020, for a 4.1-month supply at
the current sales pace.
Source: MAAR
https://maar.stats.10kresearch.com/docs/mmi/2024-07/x/report?src=page
