As a real estate agent in the Twin Cities, I pride myself on having the experience and an  understanding of the local market and how various changes affect home prices in our area. If you are considering buying or selling a home, I'd love to provide you with a complimentary market analysis to get the process started. It's important to have a base understanding of what's happening in your target area so you know what to expect for pricing, time on market, etc. Just shoot me a quick email or give me a call and I can get information to you on your neighborhood. Have a great day!

National sales of existing homes recently fell to a 7-month low, as surging borrowing costs, rising sales prices, and limited inventory continue to keep many would-be buyers out of the market. Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7% since mid-August. With fewer buyers able to afford the costs of homeownership, existing-home sales declined 0.7%-month over-month and were down 15.3% year-over-year, according to the National Association of REALTORS(NARR).

Prices have continued to increase this fall despite softening home sales nationwide, as a lack of inventory has kept the market competitive prospective buyers, sparking bidding wars and causing homes to sell for above asking price in some areas. Heading into September there were only 1.1 million units available for sale, 0.9% fewer than a month ago and 14.1% fewer than the same period last year, according to NAR. As a result, the U.S. median existing-home sales price rose 3.9% year-over-year to $407,100, marking the third consecutive month that the median sales price topped $400,000.

Sales of new single-family homes decreased 8.7% month-over-month, to a seasonally adjusted annual rate of 675,000 units, according to the U.S. Census Bureau, the slowest pace since March. Higher mortgage interest rates are taking their toll on buyer demand, and several buyers are choosing to postpone their next home purchase until rates move lower. With sales softening, builder confidence also declined, falling five points to 45 in September, according to the National Association of Home Builders (NAHB).

In the Twin Cities Region, the property type with the largest price gain was the Townhomes segment. The price range that tended to sell the slowest was the $1,000,001 and Above range at 70 days and was the smallest decline in sales. The property type that lost the least inventory was the Townhomes segment, where it decreased 3.8 percent. That amounts to 2.4 months supply for Single Family homes, 2.0 months supply for Townhomes and 3.0 months supply for Condos.