There wasn’t much on the market in August but what there was sold quickly and for more than the asking price even though interest rates have averaged about 7% all month.
Buyers are buying. Inspection contingencies are back. Sellers who have low mortgage interest rates are hanging on. That means fewer homeowners are selling. There are always people who have to sell or want to sell. That is why there are always houses on the market.
There are cash buyers out there too.
If you are planning on selling this year make sure everything in your house is in good condition because buyers are having inspections and asking for repairs.
As we have seen for the last several years housing costs are still rising. Rents seem to be stabilizing and according to some are even going down. We shall see.
The numbers used to make the chart were extracted from the MLS and they include data for all single-family homes in St. Paul that are or were listed in the Northstar MLS in August. The data represents a high percentage of houses that were sold or are for sale and the data is deemed reliable but it isn’t guaranteed.
Sale prices were higher than listing prices last month which means home prices are still rising. The median home sale price is down slightly and to be honest I am not sure what that means.
For more local numbers please see Local market conditions and home sale prices.
If you would like information about how much your house might sell for contact me for a free no obligation accessment. If you want to talk to several Realtors and home buyers about your house post a message on Facebook and see what happens.