Here is a look at Minnesota home sales in August 2024
Buyers might be waiting for an interest rate reduction. If that happens activity will pick up. Houses will sell faster, and home prices will rise due to increased demand.
Year over year everything was up except closed sales which were down.
According to Minnesota Realtors:
“While closings were down in August, lower mortgage rates and monthly payments are expected to drive market activity in the coming months. If rates continue to fall as the number of homes for sale rise, pent-up buyer demand may be unleashed, driving sales and potentially signaling a return to a more competitive market.
Inflation is now at its lowest level since February 2021. Though shelter costs remain elevated, the balance between housing supply and demand has normalized back to pre-pandemic levels.
“As we look towards the upcoming months, we continue to be optimistic. It all comes down to affordability and availability,” said Geri Theis, President of Minnesota Realtors®. “September activity should be strong with the lower interest rates, but August numbers will not reflect that yet. Fortunately, given the increase of homes on the market, our buyers may find some relief.”
August Year-Over-Year Summary of Key Market Indicators:
- Closed sales: 6,910 (down 9.5%)
- Median sales price: $352,000 (up 1.7%)
- Average sales price: $422,974 (up 4.1%)
- New listings: 8,915 (down 4.8%)
- Pending sales: 6,242 (down 10.2%)
- Days on the market: 38 (up 18.8%)
- Homes for sale: 16,165 (up 11%) “
Realtors are always optimistic.
