Nationally, pending home sales decreased 7.1% month-over-month as of last measure, falling to the lowest level since April 2020, according to the National Association of REALTORS®, as rising borrowing costs and a scarcity of new listings continue to impact market activity. Pending sales declined in all four regions and were down 18.7% year-over-year, with the smallest monthly declines noted in the Northeast (-0.9%) and the Midwest (-7.0%).
In the Twin Cities region, for the week ending September 30:
• New Listings decreased 9.8% to 1,174
• Pending Sales decreased 2.0% to 895
• Inventory decreased 7.4% to 8,732
For the month of August:
• Median Sales Price increased 2.7% to $380,000
• Days on Market increased 18.5% to 32
• Percent of Original List Price Received increased 0.1% to 100.0%
• Months Supply of Homes For Sale increased 21.1% to 2.3