This just in from Minnesota Realtors, which is the state association of Realtors. Each month they publish a report on home sales in the state.
The inventory of homes on the market remains low but is slightly higher than it was last year at this time. Houses stay on the market 35% longer than they did last year at this time. Median sales prices are down slightly from what they were a year ago.
Closed sales are way down from a year ago. A 20% decline is significant. Fewer people are interested in selling probably due to higher interest rates.
Home prices in the 7 county Metro area rose by 6.5% in March as compared with last March. The average days on market was 32 which is up 23% from last year. Pending sales were down 23% from March 2022 and the number of houses on the market is up 12% from last year.