In many ways, these numbers are typical for this time of year. The number of home sales and the number of new listings are down slightly. Overall prices have gone up and days on market have gone down slightly. It still takes less than a month to sell a house which is good news for home sellers.
Buyers made offers on most of these houses in August so we are not seeing the impact of the latest interest rate increases. This past week I have been noticing a higher than normal number of price decreases. It is possible that we will see the effects of higher interest rates in next month’s data.
The local real estate market is still a strong seller’s market. Overall St. Paul homeowners got slightly more than the asking price for their house.