April 2023
U.S. existing-home sales declined 2.4 percent month-over-month as of last measure,
according to the National Association of REALTORS® (NAR), reversing February’s
sales gain of 14.5%. Fluctuations in mortgage interest rates have caused buyers to
pullback, with pending sales dropping 5.2% month-over-month. Meanwhile, the
median existing-home sales price declined for the second month in a row, falling 0.9%
nationally from the same time last year, the largest year-over-year decline since
January 2012, according to NAR.
New Listings in the Twin Cities region decreased 27.9 percent to 5,170. Pending Sales
were down 28.8 percent to 4,029. Inventory levels fell 4.5 percent to 6,155 units.
Prices were fairly stable. The Median Sales Price decreased 0.7 percent to $367,500.
Days on Market was up 60.7 percent to 45 days. Buyers felt empowered as Months
Supply of Homes for Sale was up 25.0 percent to 1.5 months.
Housing inventory remains tight nationwide, with only 980,000 units available for sale
heading into April, a 5.4% increase from one year earlier, although the number of
homes for sale is down compared to the same period in 2019, prior to the pandemic.
The lack of existing inventory continues to impact home sales, and with only 2.6
months’ supply of homes at last measure, competition for available properties
remains strong, especially in certain price categories, with multiple offers occurring on
about a third of properties, according to NAR.
