Buyers shopping this fall will find more options and less competition. Active inventory rose 3% year over year in August to 1.41 million homes — the widest selection since mid-2020 — while more than one in four listings saw a price reduction, according to Zillow’s August Market Report. Meanwhile, the Federal Reserve raised its benchmark rate this week for the first time in more than three years, and mortgage rates climbed to 6.95%, up from 6.66% just three weeks ago, according to Freddie Mac. For clients actively searching, now is a good time to discuss rate-lock options with their lender.
In the Twin Cities region, for the week ending September 12:
- New Listings increased 0.4% to 1,605
- Pending Sales decreased 15.9% to 769
- Inventory increased 9.1% to 11,970
For the month of August:
- Median Sales Price increased 1.2% to $404,950
- Days on Market increased 7.1% to 45
- Percent of Original List Price Received decreased 0.6% to 98.2%
- Months Supply of Homes For Sale increased 10.7% to 3.1
All comparisons are to 2025
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.