Normally I would be presenting some numbers for Home sales by St. Paul neighborhood for last month but I am going to hold off on that because I found some discrepancies in the data. I can say that the median home sale price in St. Paul was $275,500 which was $500 more than September 2022 median sale Price.
Median days on market were lower in October than in September. October’s median day on market was 15 days. The average sales price was slightly higher than the average asking price. In general, the number of home sales in the metro area has been declining for months but prices are still going up. The number of homes being put on the market is trending downward and the number of homes on the market remains low but slowly rising.
I thought it would be interesting to compare home sales in 2021 with the last peak in home sales which was toward the end of 2005. These are rolling 12-month averages. The peak is taller this time and the decline in sales is greater.
Higher interest rates are slowing down the housing market. Ultimately when the housing market slows so does the rest of the economy.
