Housing supply continues to grow nationwide, as higher borrowing costs cause home sales to slow. According to Realtor®.com’s Monthly Housing Market Trends Report, the national inventory of active listings increased 33.5% year-over-year in October, the highest inventory level since 2020. As a result, local buyers may find they have more options to choose from, and with homes spending more days on market compared to the same period last year, a bit more time to shop around as well.
In the Twin Cities region, for the week ending November 19:
• New Listings decreased 1.8% to 975
• Pending Sales decreased 42.6% to 671
• Inventory increased 11.6% to 8,536
For the month of October:
• Median Sales Price increased 4.6% to $355,500
• Days on Market increased 33.3% to 36
• Percent of Original List Price Received decreased 2.0% to 98.3%
• Months Supply of Homes For Sale increased 26.7% to 1.9