Housing Supply

Inventory is finally on the rise—in Minnesota and nationwide. In March, Minnesota saw an 11.4% increase in new listings, with over 719,000 homes on the market by mid-April—a 32.5% jump from last year. Nationally, total homes for sale reached 1.8 million in March, up 15% year over year. New listings also rose 8.2%, while average days on market ticked up slightly to 47.

Mortgage Rates

Rates remain steady, offering some relief for spring buyers and sellers. As of late April, the average 30-year fixed mortgage rate sits at 6.81%, down from 6.83% the week prior and well below 7.17% this time last year. After peaking above 7% in January, rates have hovered in the mid-6% range.

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.