The number of homes for sale continues to improve nationwide, marking the ninth straight month of growth. According to Realtor®.com’s July 2024 Monthly Housing Market Trends Report, there were 36.6% more homes on the market in July compared to the same period last year. Prospective buyers, especially first-time homebuyers, will be pleased to know the growth in homes priced between $200,000 – $350,000 jumped 47.3% year-over-year, outpacing all other price categories.
In the Twin Cities region, for the week ending August 17:
•New Listings increased 3.1% to 1,320
•Pending Sales decreased 5.4% to 925
•Inventory increased 14.4% to 9,783
For the month of July:
•Median Sales Price increased 2.7% to $385,000
•Days on Market increased 24.7% to 36
•Percent of Original List Price Received decreased 1.3% to 99.5%
•Months Supply of Homes For Sale increased 18.2% to 2.6