This just in from the Minnesota state Realtors association. The number of homes for sale in Minnesota is up from last year but there is only a 1.3-month supply of houses. The low supply is the reason for the 3.4% increase in the median home sale price. Interest rates also went up and may go up again.
The higher rates make both buying and selling less attractive. New listings also declined, dropping 23% year over year as just under 4,600 homes came on the market.
In St Paul, the median home sale price was $255,000 and the average days on market was about 50.