Single-family home sales sat at a seasonally-adjusted annual rate of 3.94 million in April, down 16.9% from 4.74 million in March, and down 15.5% from one year ago. The median existing single-family home price was $288,700 in April, up 7.3% from April 2019.
Minnesota gets lumped in with the Midwest as part of a housing region:
Existing-home sales decreased 12.0% in the Midwest to an annual rate of 1.10 million, down 8.3% from a year ago. The median price in the Midwest was $229,200, a 9.3% increase from April 2019.
Homes are still selling quickly in the metro area.
Homebuyers are waiting for prices to go down. They are likely to continue to rise this year due to high demand and low supply. Next week I’ll have some numbers for home sales in St. Paul.