Here are some home sales numbers by St. Paul neighborhood. In general, houses are expensive and sell quickly. We are seeing the number of houses on the market slowly increase but there still isn’t much for sale. Homeowners with low-interest mortgages may be reluctant to trade up significantly higher rates. Overall in St. Paul home sales prices are slightly higher than the list prices which means home prices are still rising.
It comes down to supply and demand. There is a lot of demand but not much supply. If the Federal Reserve reduces interest rates before we go into a deep recession home prices will likely rise due to higher demand. If the Federal Reserve leaves the rates along we may see much higher unemployment rates and fewer people who can afford any kind of housing.
The numbers used to make this table were extracted from the NorthstarMLS which is deemed reliable but not guaranteed.
