Two monthly reports, one for Minnesota and one for the U.S., show double-digit annual increases in sales and home prices, and solid declines in average market times. All of this is a continuation of what's been happening for the past 18 months.
Here's the latest from the Minnesota Association of Realtors:
- Closings: 8,100, + 13.4%
- Median sales price: $183,500, + 13.3%
- Average days on market: 70, -21.3%
The skinny from Jim Cormier, president of the Minnesota Association of Realtors. “July is a peak summer sales month for Minnesota,” he said. “We tend to see buyers and sellers with families wanting to get settled before the school year starts. This July report reflects people making that commitment to homeownership and communities.”
And the latest from the National Association of Realtors:
- Closings: 5.39 million, +17.2%
- Median sales price (seasonally adjusted): $213,500, +13.7%
- Median days on market: 42, +37%
The skinny from Lawrence Yun, NAR's chief economist: "Mortgage interest rates are at the highest level in two years, pushing some buyers off the sidelines," he said. "The initial rise in interest rates provided strong incentive for closing deals. However, further rate increases will diminish the pool of elibigle buyers."
To see details from the state report, which reports activity for 13 very large economic developments, click on this link.