July 2024 Housing Report

New listings are down and prices are up. "New listings typically peak in April and May, pending sales in May and June, with closings reaching their yearly high in June and July. Annual trends suggest that peak home buying and selling season has passed in Minnesota, but there’s still significant action ahead—particularly if mortgage rates remain favorable. Seller activity continues to outpace buyer activity." - from MN Realtors Housing Report

New listings and signed purchase agreements are down for the year. With inventory being 15% higher over July 2023, that indicates our listings may be taking longer to sell. 

"Eager home buyers were excited about the prospect of lower mortgage rates this year. But that didn’t materialize in July. Pointing to affordability concerns, some buyers are pausing their purchases until rates come down. However, those who purchase and refinance later may find less competition and won’t encounter multiple offer situations on every listing. Rates dropped at the beginning of August, which could entice more buyers to the market, creating stiff competition for desirable properties." - from MN Realtors Housing Report

To view the full MN housing report, click here.