August 2024
U.S. existing-home sales increased for the first time in 5 months, as lower mortgage rates and rising supply helped boost market activity. According to the National Association of REALTORS® (NAR), sales of previously owned homes rose 1.3%month-over-month to a seasonally adjusted annual rate of 3.95 million units,exceeding economists’ expectations and ending the downward trend of recent months.
New Listings in the Twin Cities region decreased 3.3 percent to 5,940. Pending Sales were down 10.2 percent to 4,017. Inventory levels rose 11.7 percent to 9,712 units.
Prices continued to gain traction. The Median Sales Price increased 2.6 percent to $389,700. Days on Market was up 21.2 percent to 40 days. Buyers felt empowered as Months Supply of Homes for Sale was up 13.0 percent to 2.6 months.
Nationally, total housing inventory edged up 0.8% from the previous month to 1.33 million units heading into August, for a 4.0-month supply at the current sales pace, NAR data shows. Although inventory is up nearly 20% compared to the same time last year, demand continues to outpace supply, putting upward pressure on sales prices. According to NAR, the nationwide median existing-home price rose 4.2% year over-year to $422,600 at last measure, marking the 13th consecutive month of annual price increases.
– SAINT PAUL AREA ASSOCIATION OF REALTORS®
