April 2024
U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month-over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR), as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines. Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8% increase from the previous month, according to NAR.
New Listings in the Twin Cities region increased 20.9 percent to 6,347. Pending Sales were up 8.5 percent to 4,334. Inventory levels rose 14.1 percent to 7,705 units.
Prices continued to gain traction. The Median Sales Price increased 4.1 percent to $385,250. Days on Market was down 2.2 percent to 45 days. Buyers felt empowered as Months Supply of Homes for Sale was up 17.6 percent to 2.0 months.
Warmer temperatures appear to have helped bring some sellers back to the market, providing additional options to home shoppers during the spring buying season. Total inventory was up 4.7% month-over-month and 14.4% year-over-year, for a 3.2 months’ supply at the current sales pace, according to NAR. Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home spending 33 days on market nationwide, down from 38 days the month before.
– SAINT PAUL AREA ASSOCIATION OF REALTORS®
