Housing Supply

Nationally, housing supply is gradually rebalancing, with new listings up nearly 4% year-over-year and 4 months of inventory now on the market. Sellers are currently outnumber buyers with more homeowners listing likely due to life changes and easing rate-lock effects. In Minnesota, housing activity picked up in April, with new listings up 7.2% statewide and pending sales rising as both inventory and prices edged higher.

Mortgage Rates

Mortgage rates remain below the 7% mark, with the U.S. weekly average for a 30-year conventional loan at 6.89% as of the end of May 2025.

Average for 30-year fixed-rate new purchase loans with at least a 20% down payment and an applicant credit score of 680 to 739.

Homes Prices

Home prices are still climbing, but the pace has slowed. In mid-June, the national median sale price hit a record $396,500, up just 1% from last year. The median list price held steady at $440,000, showing virtually no year-over-year change. In many markets, especially in the Midwest, price gains are stabilizing as more homes hit the market and buyers regain some negotiating power.

Market Activity

National existing-home sales rose slightly in May—up 0.8% month over month—but were still 0.7% lower than a year ago. Homes are staying on the market longer, with the median days on market now at 36, five days more than last year. Only 29% of homes sold above asking, down from 32%, and pending sales dipped 1.5% nationwide. That said, the Midwest continues to show stronger demand than many coastal markets, thanks in part to better affordability and consistent buyer interest.

Market Activity

Nationally, seller activity is outpacing buyer demand. While pending sales dipped 1.7% year-over-year in May, new listings are on the rise, indicating that more homeowners are re-entering the market despite higher rates. In Minnesota, both buyers and sellers showed renewed interest in April, with new listings up 7.2% statewide and signed purchase agreements rising 2.8%.