May 2024
U.S. existing-home sales fell for the second month in a row, sliding 1.9% month-over-month and 1.9% year-over-year, according to the National Association of REALTORS® (NAR), with sales down in all four regions of the country. Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer.
New Listings in the Twin Cities region increased 3.1 percent to 6,979. Pending Sales
were down 5.0 percent to 4,675. Inventory levels rose 15.7 percent to 8,614 units.
Prices continued to gain traction. The Median Sales Price increased 4.1 percent to
$385,000. Days on Market was up 5.3 percent to 40 days. Buyers felt empowered as
Months Supply of Homes for Sale was up 21.1 percent to 2.3 months.
Home prices have continued to climb nationwide, despite an uptick in inventory this
year. Nationally, the median existing-home price reached $407,600 as of last measure, a
5.7% increase from the same period last year and a record high for the month,
according to NAR. Meanwhile, total inventory heading into May stood at 1.21 million
units, a 9% increase month-over-month and a 16.3% increase year-over-year, for a 3.5
month’s supply at the current sales pace.
Source: MAAR
https://maar.stats.10kresearch.com/docs/mmi/2024-05/x/report?src=page
