January 2025
U.S. existing-home sales advanced for the third straight month, climbing 2.2% to a seasonally adjusted annual rate of 4.24 million units, a 10-month high, according to the National Association of REALTORS® (NAR). Sales were up 9.3% year-over-year,driven largely by purchases of homes priced $500,000 and above. Month-over-month,sales rose in the South, Northeast, and the West but fell in the Midwest, with all four regions reporting year-over-year gains.
New Listings in the Twin Cities region increased 8.3 percent to 4,333. Pending Sales were down 5.1 percent to 2,609. Inventory levels fell 1.9 percent to 6,823 units.
Prices continued to gain traction. The Median Sales Price increased 5.0 percent to $370,000. Days on Market was up 17.9 percent to 66 days. Sellers were encouraged as Months Supply of Homes for Sale was down 5.3 percent to 1.8 months.
According to NAR, total housing inventory was 1.15 million units heading into January,a 13.5% decrease from the previous month but a 16.2% increase from the same period one year earlier, for a 3.3-month supply at the current sales pace. Housing supply remains down compared to pre-pandemic levels, and the limited number of homes on the market continues to push sales prices higher nationwide, with the median existing-home price rising 6% year-over-year to $404,400.
– SAINT PAUL AREA ASSOCIATION OF REALTORS®
