National Housing Trends

According to the National Association of REALTORS® (NAR), U.S. existing-home sales fell 2.7% in July compared to the previous month, bringing sales to a seasonally adjusted annual rate of 3.93 million. Compared to one year ago, sales held steady. Regionally, sales dipped in the Midwest, Northeast, and South, while the West posted gains. On a year-over-year basis, the Northeast and West experienced declines, while the South and Midwest recorded increases.

Nationally, the median existing-home price rose 2.0% year-over-year to $435,300, marking a new monthly high and the 24th consecutive month of annual price growth. Rising inventory has also been notable, with 1.53 million homes listed for sale entering July—a 15.9% jump compared to last year. This equates to a 4.7-month supply at the current sales pace.

Twin Cities Market Highlights

• New Listings: Up 5.8% to 6,770 homes
• Pending Sales: Increased 4.3% to 4,391 homes
• Inventory: Gained 1.8%, totaling 10,195 homes
• Median Sales Price: Rose 2.6% to $395,000
• Days on Market: Averaged 40 days, an increase of 11.1%
• Months Supply of Homes: Unchanged at 2.7 months

Overall, the Twin Cities market saw steady buyer demand and modest price growth, even as homes spent slightly more time on the market compared to last year.