June Market Update - Twin Cities Real Estate

June Market Update: What’s Happening in Real Estate?

Across the U.S., existing-home sales saw a small but notable uptick in June, rising 0.8% from the previous month to a seasonally adjusted annual rate of 4.03 million units. That exceeded what many economists had predicted. However, year-over-year sales were still down slightly by 0.7%, according to data from the National Association of REALTORS® (NAR).

Regionally, sales increased in the Midwest, Northeast, and South, while the West saw a slight decline. Here in the Twin Cities, we’re seeing some positive momentum as we head into the heart of summer.

Twin Cities Market Snapshot

• New Listings: Up 0.8% to 6,500 homes
• Pending Sales: Rose 3.5% to 4,650 homes under contract
• Inventory: Increased 2.0% to 9,715 active listings
• Median Sales Price: Increased 2.8% to $401,000
• Days on Market: Up 11.4% to 39 days
• Months Supply: Rose 4.0% to 2.6 months

Buyers in the Twin Cities are starting to feel a bit more empowered, with more options hitting the market and homes sitting slightly longer. That added inventory is creating more room for negotiation and giving buyers a chance to be more selective.

National Perspective

Nationwide, the housing supply is slowly improving. Inventory reached 1.54 million units in June — a 6.2% increase from May and a 20.3% jump compared to this time last year. That’s about a 4.6-month supply at the current sales pace, according to NAR.

Despite the extra inventory, home prices continue to climb, though more modestly than during the peak pandemic frenzy. The national median home price rose 1.3% year-over-year, reaching $422,800.

All in all, we’re seeing a more balanced market start to emerge. If you’re thinking about making a move this summer, let’s talk strategy — whether you’re buying, selling, or just exploring your options.

https://maar.stats.10kresearch.com/docs/mmi/x/report?src=map