August Housing Report

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In Minnesota, the August housing numbers continued to stay strong and keep REALTORS® busy during the last month of summer.

The pending and closed sales numbers continued to increase 6.7% and 9.0% respectively, which is representative of the positive early summer activity that we saw statewide. Sellers received 96.7% of the original list price and sold their homes in about 55 days. This is down 11.3% over the same time period in 2015.

The median sales price jumped 8.0% to $215,000, while the average sales price rose 6.2% to $252,329. The median sales price is the midpoint, indicating as many transactions above as below the stated price.

Inventory remains to be a problem and is still sitting at 16.4% less than the same time last year.

“There are still buyers in the marketplace taking advantage of the low interest rates that are still available,” said Chris Galler, CEO of the Minnesota REALTORS®. “Minnesota REALTORS® continue to be busy as we enter the fall market.”

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The Minnesota REALTORS® is the largest professional trade association in the state with more than 17,000 members who are active in all aspects of the real estate industry.

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