March 2025
U.S. existing-home sales rebounded from the previous month, rising 4.2% to a seasonally adjusted annual rate of 4.26 million units, according to the National Association of REALTORS® (NAR). Economists polled by Reuters had forecast sales would fall to a rate of 3.95 million for the month. Purchase activity increased in the South and the West but decreased in the Northeast, while sales in the Midwest remained unchanged from one month earlier.
New Listings in the Twin Cities region increased 12.1 percent to 5,993. Pending Sales were up 5.5 percent to 4,247. Inventory levels rose 2.1 percent to 7,632 units.
Prices continued to gain traction. The Median Sales Price increased 3.5 percent to $380,000. Days on Market was up 5.5 percent to 58 days. Absorption rates were even with last year as Months Supply of Homes for Sale remained flat at 2.0 months.
Heading into March there were 1.24 million properties for sale, a 5.1% increase from the previous month and a 17% jump from one year ago, for a 3.5-month supply at the current sales pace, according to NAR. While mortgage rates have remained in the mid to-high 6% range, the additional supply appears to have helped bring some buyers out of the woodwork, even as sales prices continue to rise nationwide.
– SAINT PAUL AREA ASSOCIATION OF REALTORS®
