November 2024
U.S. existing-home sales rose 3.4% month-over-month and 2.9% year-over-year to a seasonally adjusted annual rate of 3.96 million units, exceeding economists’ expectations for the month and marking the first annual gain since July 2021, according to the National Association of REALTORS® (NAR). Lower mortgage rates in late summer and early fall helped sales increase across all four regions.
New Listings in the Twin Cities region decreased 0.2 percent to 3,691. Pending Sales were up 11.7 percent to 3,133. Inventory levels rose 2.5 percent to 8,662 units.
Prices continued to gain traction. The Median Sales Price increased 3.4 percent to $375,000. Days on Market was up 25.0 percent to 50 days. Absorption rates were even with last year as Months Supply of Homes for Sale remained flat at 2.3 months.
The number of homes for sale continues to improve nationwide, climbing 0.7% month over month and 19.1% year-over-year to 1.37 million units heading into November, for a 4.2-month supply at the current sales pace, according to NAR. Despite a wider selection of properties on the market, sales prices have remained strong at the national level, with a median existing-home price of $407,200 as of last measure, a 4% increase from the same time last year.
– SAINT PAUL AREA ASSOCIATION OF REALTORS®
