Minnesota home sales are proving surprisingly resilient this summer.
Minnesota Realtors President Wendy Uzelac says the biggest story in June was a jump in the number of homes for sale…
“Statewide, there was actually an 11 percent increase in housing inventory and 10.5 percent in the Twin Cities metro area. That’s actually a seven-year high for our listing inventory, which is absolutely fantastic. It’s opening up more opportunities for buyers.”
Uzelac says though mortgage rates remain relatively high, closed sales continue to rise…
“Minnesotans are just really figuring it out. Even though interest rates have continued to stay a little bit on the higher side, it’s all coming together as the new norm, and people are just finding ways to move forward.”
Officials say as homeowners purchase their next home, it helps free up more inventory for first-time and move-up buyers.
