February 2024
U.S. existing-home sales grew 3.1% month-over-month to a seasonally adjusted annual rate of 4.00 million, exceeding economists’ expectations and marking the strongest sales pace since August 2023, according to the National Association of REALTORS® (NAR). Falling interest rates late last year, coupled with a recent uptick in inventory, helped existing-home sales to climb following last month’s decline, with monthly gains reported in the Midwest, South, and West regions.
New Listings in the Twin Cities region increased 34.5 percent to 4,667. Pending Sales were up 13.1 percent to 3,308. Inventory levels rose 13.3 percent to 6,665 units.
Prices continued to gain traction. The Median Sales Price increased 4.5 percent to $357,700. Days on Market was down 3.3 percent to 59 days. Buyers felt empowered as Months Supply of Homes for Sale was up 28.6 percent to 1.8 months.
Total inventory heading into February stood at 1.01 million units, a 2% increase from the previous month and a 3.1% increase from the same time last year, for a 3 months’ supply at the current sales pace, according to NAR. Although buyers may find additional options in their home search, inventory remains below the 5-6 months’ supply of a balanced market, and demand is exceeding supply. As a result, existing home sales prices have continued to rise, climbing 5.1% year-over-year to $379,100
