13 Jun August 2023 Housing Report
Each month the Minnesota Area Realtors puts out a housing report for the prior month! Matt, our broker, breaks them down and offers some insights on the report! Please check them out each month and reach out if you have questions!
You can read the full blog here, or again check out the more detailed stat version.
Defying the odds, home prices are continuing their march higher even as rates hit levels that would make buyers from 2-3 years ago gasp. I am still of the mindset that this price increase is a result from entry level homes being crazy competitive. While affordability still plays a major role for the first-time buyer, the impact is less realized when compared to those looking to make more of a “lifestyle” shift to a larger home. Meanwhile, our months supply number we have been monitoring slowly, but surely keeps trending higher. Overall, it was not a huge leap from last month, but comparing to last year and seeing a 25% increase is significant by any measure.
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