The heated summer sales season is showing signs of cooling, as closed sales of residential homes in Minnesota declined 3.0% compared to August 2020.
Despite shrinking inventory, buyers scrambled to purchase homes, competing with multiple offers that drove the median sales price up 11.3% to $316,000. The number of homes for sale declined 25.0%, leaving a 1.5-month supply of properties for sale.
Read the full report: https://bit.ly/MNR_Aug21HousingReport
“Economic growth and the acceleration in inflation have moderated in the last month, giving the markets comfort and leading to a stabilization in mortgage rates,” said Sam Khater, Freddie Mac’s Chief Economist. “Heading into the fall, home purchase demand is stable, home sales remain firm and above pre-pandemic levels, and inventory of unsold homes is tight but improving modestly. These factors will allow for home price pressures to ease over the remainder of the year.” [emphasis added]
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FALL IS JUST AROUND THE CORNER
Fall is just around the corner, so it's time to be thinking about pre-winter home maintenance and getting things done while the weather allows. Have you been considering selling your home and/or purchasing a new house? There's still time to get that done this fall too! I'd love to have an opportunity to talk with you about that. Let's set up a time to meet.
When buying or selling a home, it's important to understand the market and gain helpful insights to help you achieve the best results.