This just in from Minnesota Realtors, which is the Realtors Association for Minnesota of which I am a proud member.
“Closed sales fell by almost 26% compared to the same period last year, ending the month at 5,773. New listings were also down 15.3%, while pending sales dropped about 16%. But inventory ticked up to 1.9 month’s supply, a nearly 27% jump versus last May, providing more purchasing opportunities for some house hunters.”
May year-over-year summary of key market indicators:
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Closed sales: 5,773 (down 25.7%)
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Median sales price: $340,000 (down 0.7%)
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Average sales price: $392,785 (down 0.4%)
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New listings: 9,803 (down 15.3%)
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Pending sales: 7,185 (down 16.1%)
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Days on the market: 34 (down 30.8%)
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Homes for sale: 10,905 (down 4.2%)
Look for interest rates that are lower than they were last week but still more than 6.5%.
