JULY 2024
U.S. existing home sales fell 5.4% month-over-month and 5.4% year-over-year to a seasonally adjusted annual rate of 3.89 million units, with monthly sales down in all four regions, according to the National Association of REALTORS® (NAR). Higher mortgage rates, along with rising sales prices, have kept many prospective buyers on the sidelines, despite more home choices and less competition for those homes.
New Listings in the Twin Cities region increased 7.2 percent to 6,317. Pending Sales were down 4.2 percent to 4,221. Inventory levels rose 11.4 percent to 9,398 units.
Prices continued to gain traction. The Median Sales Price increased 2.7 percent to$385,000. Days on Market was up 24.1 percent to 36 days. Buyers felt empowered as Months Supply of Homes for Sale was up 13.6 percent to 2.5 months.
Home prices have maintained their upward trend across much of the country, even as sales slow and inventory improves. According to NAR, the national median existing home sales price climbed 4.1% year-over-year to $426,900 as of last measure, an alltime high. Meanwhile, total housing inventory increased 3.1% month-over-month to 1.32 million units heading into July, the highest level since 2020, for a 4.1-monthsupply at the current sales pace.
– SAINT PAUL AREA ASSOCIATION OF REALTORS®
