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.
![March home sales](/images/2023/04/MNMarchhomesales.jpg)
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.