The trend is down for the number of houses on the market in March. It isn’t just about higher interest rates, but nterest rates are making it worse. It is also about fewer reasons to move. Fewer people are moving because of a new job. Demographics are another reason for staying put. Older people do not move as often as younger people do. Add a shortage of housing to the mix and we have yet another reason why people don’t move.
The chart shows the number of houses on the market each month in St. Paul over the last decade. The peaks each year occur in the spring, and the valleys happen during the holidays at the end of the year. I’ll have some numbers for February 2024 home sales on Wednesday, March 6.
