Cooling weather and recent interest rate hikes have fewer first-time buyers
shopping for homes thus far this fall, just as many existing homeowners are cozying up to the idea of remaining in their current homes a little bit longer. With fewer home buyers and homes for sale, we may see sales and sales prices start to mellow, or it could mean that the more serious buyers and sellers will simply have less competition.
In the Twin Cities region, for the week ending October 8:
• New Listings decreased 4.1% to 1,395
• Pending Sales decreased 6.5% to 980
• Inventory decreased 16.5% to 13,832
For the month of September:
• Median Sales Price increased 3.6% to $230,000
• Days on Market decreased 13.8% to 56
• Percent of Original List Price Received increased 0.9% to 97.5%
• Months Supply of Homes For Sale decreased 20.0% to 2.8
You can read the full report here on the MAAR website.