“U.S. existing-home sales grew 3.1% month-over-month, exceeding economists’ expectations and marking the strongest sales pace since August 2023, according to the National Association of REALTORS®. Falling interest rates late last year, coupled with a recent uptick in inventory, helped existing-home sales climb following last month’s decline. Although buyers may find additional options in their home search, inventory remains below the 5-6 months’ supply of a balanced market, and demand is exceeding supply. As a result, existing-home sales prices have continued to rise.”
- Minneapolis Association of Realtors
In the Twin Cities:
- New Listings increased 34.5% to 4,667
- Pending Sales were up 13.1% to 3,308
- Inventory levels rose 13.3% to 6,665
- Median Sales Price increased 4.5% to $357,700
- Days on Market was down 3.3% to 59 days
sourced from Minneapolis Association of Realtors February 2024