October 2024
U.S. existing-home sales unexpectedly slipped 1.0% month-over-month and 3.5% year-over-year to a seasonally adjusted annual rate of 3.84 million, the lowest level in more than a decade, according to the National Association of REALTORS® (NAR). Prospective buyers have pulled back in recent months, despite lower mortgage rates and more home choices compared to the same time last year.
New Listings in the Twin Cities region increased 12.4 percent to 5,688. Pending Sales were up 14.3 percent to 3,968. Inventory levels rose 7.8 percent to 9,885 units.
Prices continued to gain traction. The Median Sales Price increased 4.1 percent to $380,000. Days on Market was up 21.6 percent to 45 days. Buyers felt empowered as Months Supply of Homes for Sale was up 4.0 percent to 2.6 months.
There were 1.39 million homes for sale heading into October, a 1.5% increase from the previous month and a 23% increase from the same period last year, for a 4.3-month supply at the current sales pace, according to NAR. Even with improving supply and the slower sales pace, home prices have continued to rise nationwide, with NAR reporting a median existing-home price of $404,500 as of last measure, a 3% increase from one year ago.
– SAINT PAUL AREA ASSOCIATION OF REALTORS®
