According to the Minnesota Association of REALTORS® latest housing report, home sellers are feeling good about listing their homes, but buyers appear to be taking their time before making a purchase.
New listings in July 2014 were up 6.3% over the same month in 2013. There were 12,466 new listings available to buyers. However, closed and pending sales were coming up weak this month. Both areas were showing a decrease of 5.7% and 1.9% respectively over the same time period in 2013.
Additionally, the average sales price has gone up over the last 12 consecutive months. In July, this price was at $229,754 which is a 3.5% increase over July 2012. “As home values increase, sellers are feeling more confident about listing their homes,” said Chris Galler, CEO of the Minnesota Association of REALTORS®. “Unfortunately, buyers are not ready to move as quickly. July is typically one of the busiest in our marketplace, and this year the closed and pending sales are not reflecting that trend.”