According to Minnesota Realtors (State Realtor Association), We saw a sharp drop in home sales in March. it isn’t because they are not selling it is because there are fewer homes on the market:
“Closed sales fell by nearly 50% 8.4% compared to March of last year*, marking a correction in the heated housing market of the past two years. New listings in March were also down nearly 45% compared to a year ago with only 5,287 properties coming on the market. Statewide inventory shrank by nearly 25% 10.7% to just 6,609 7808 homes for sale, which is below one month’s worth of supply.
Consumers, however, were not deterred by the tight market. Buyer demand drove the median home sales price in Minnesota up 3% to $303,850.”
So far it has been an unusual spring home sales season. The only thing normal about it has been that home buyers like to buy houses in the Spring. There is currently about a one-month supply of houses on the market.
*I looked at numbers in the MLS and calculate that in the 7 county metro area closed sales are down 11% compared with a year ago. We should also consider the fact that home sales were record-breaking in 2021. If we compare March 2022 to March 2019 home sales in the 7 county metro area sales are up by over 6% in March of 2022 as compared with 2019.
