According to Minnesota Realtors, the state Realtors association: ”
“July, closed sales fell 19.2% compared to a year ago, with 7,904 transactions across the state. New listings were also significantly down, declining 14.2% compared to July 2021, although the total number of homes for sale rose 6.4%. Across the state, there was a 1.9-month supply of homes on the market, up almost 19%.
Despite signs of a slowing market, the average home price was up 9% to $391,958, and total days on the market decreased nearly 4% to 25 days, indicating that competition for homes in an affordable price range remains high. Sellers were still receiving 101% of their asking price, although that number was down 1.7% from July of last year.”
So as compared with last July which was epic, home sales are lower but prices are higher. The number of homes for sale is up, which is nice for buyers.