Hot off the press from our state Realtor association, Minnesota Realtors.
“In June, closed sales of homes declined by nearly 14% compared to a year ago, with a total of 9,208 properties sold across the state. New listings were down 6.4% year-over-year even as the total number of homes for sale increased 8.2% to 12,298 properties.
Overall housing inventory increased significantly, up 21.4% over last June to 1.7 months’ supply of homes on the market. Despite softening activity relative to last year, consumer demand drove the median sales price up 6.2% to $345,000, and the average price increased 9% to $401,319. Sellers were still receiving an average of 102.5% of their asking price, although this marks a slight 0.7% decline compared to June of last year.”
2021 was a rather unusual year because of the pandemic and this ear is unusual too because of the unusual economy created by the pandemic.
The housing market still strongly favors home sellers and prices continue to rise. Real estate is still a favorite of corporate and private investors alike.