February 2025
U.S. existing-home sales fell for the first time since September, slipping 4.9% month-over-month to a seasonally adjusted annual rate of 4.08 million units, according to the National Association of REALTORS® (NAR), as elevated home prices and higher interest rates continue to impact buyer activity. Despite the drop, sales were up 2% compared to the same period last year, marking the fourth consecutive monthly year-over-year increase.
New Listings in the Twin Cities region decreased 5.3 percent to 4,493. Pending Sales were down 7.7 percent to 3,065. Inventory levels fell 1.5 percent to 7,147 units.
Prices continued to gain traction. The Median Sales Price increased 6.1 percent to $380,000. Days on Market was up 16.9 percent to 69 days. Absorption rates were even with last year as Months Supply of Homes for Sale remained flat at 1.9 months.
The limited number of properties for sale has continued to push home prices higher nationwide. At last measure, the national median existing-home price was $396,900, a 4.8% increase from one year earlier, with prices up in all four regions, according to NAR. Meanwhile, total housing inventory heading into February stood at 1.18 million units, up 3.5% month-over-month and 16.8% year-over-year, for a 3.5-month supply at the current sales pace.
– SAINT PAUL AREA ASSOCIATION OF REALTORS®
