June 2024
U.S. existing-home sales declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7%month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of4.11 million units.
New Listings in the Twin Cities region decreased 5.8 percent to 6,358. Pending Sales were down 10.8 percent to 4,469. Inventory levels rose 10.6 percent to 8,905 units.
Prices continued to gain traction. The Median Sales Price increased 1.8 percent to$390,000. Days on Market was up 9.7 percent to 34 days. Buyers felt empowered as Months Supply of Homes for Sale was up 14.3 percent to 2.4 months.
Nationally, total housing inventory grew 6.7% month-over-month to 1.28 million units heading into June, for a 3.7 months’ supply at the current sales pace, according toNAR. However, the increase in supply has yet to temper home prices, which have continued to rise nationwide. At last measure, the median existing-home price climbed to $419,300, a 5.8% increase from the same period last year and a record high for the month.
– SAINT PAUL AREA ASSOCIATION OF REALTORS®
