September 2024
U.S. existing-home sales slid 2.5% month-over-month and 4.2% year-over-year to a seasonally adjusted annual rate of 3.86 million units, according to the National Association of REALTORS® (NAR). Meanwhile, home prices have continued to reach record heights nationwide, with NAR reporting a median sales price of $416,700 as of last measure, a 3.1% increase from the same time last year and a new high for the month.
New Listings in the Twin Cities region increased 4.2 percent to 5,956. Pending Sales were up 1.5 percent to 3,716. Inventory levels rose 9.0 percent to 10,092 units.
Prices continued to gain traction. The Median Sales Price increased 2.4 percent to $380,000. Days on Market was up 14.7 percent to 39 days. Buyers felt empowered as Months Supply of Homes for Sale was up 8.0 percent to 2.7 months.
Amid slower home sales, inventory has continued to grow across the country. According to NAR, there were 1.35 million units for sale heading into September, a 0.7% increase from the previous month and a 22.7% jump from the same time last year. And while monthly existing-home sales were lower than expected this period,NAR Chief Economist Lawrence Yun believes that the rise in inventory, along with lower mortgage rates, should help sales improve in the months ahead.
– SAINT PAUL AREA ASSOCIATION OF REALTORS®
