This just in from Minneapolis Area Realtors (MAR) a local Realtors association they do a fine job of collecting and publishing local market data from the week of September 19, 2022:
- Median sales price was up just 5.6 percent to $369,750, the smallest gain since June 2020
- Buyer activity pulled back as pending sales fell 23.8 percent
- Homes took 26 days to sell, 18.2 percent longer than the 22 days last August
Apparently in some parts of the country prices are falling but real estate is local and affected by the local economy.
“The median home price in the Twin Cities reached $369,750 but the year-over-year growth rate is slowing. While prices are not falling, they’re not rising as quickly as they were. The 5.6 percent price growth in August is below the roughly 8.0 to 16.0 percent gains seen over the last two years. The deceleration in price growth likely reflects the pullback in demand caused by higher interest rates and economic uncertainty. Closed sales were down 20.3 percent in August compared to last year. Buyers also still face low inventory and limited options, although there’s evidence that’s changing.” (MAR)
Nationally and locally the number of homes on the market is rising even though there have been fewer new listings. In our local market demand is high and we are experiencing a sellers market.