June 2023 Market Update
Big jump in New Listings, while Home Prices drop for the second month. Demand continues to soar despite increase in rates. Everything you need to know about the Minnesota Real Estate housing market update for the Twin Cities in 2023. I’ll share with you my predictions for buying and selling a home in 2023, and let you know if a housing market correction is expected.
Check out the video here!
Interest Rates
Recently we’ve seen the rates land between 6% and 7% for most of the year. We are just under 6.95% as of today which isn’t a significant change from the month of April. Are you married to the price and dating the interest rate? Do the Minnesota winters have as much of an effect as we think compared to the summer months when it comes to a balanced market.
Supply & Inventory
We saw zero in the rolling month supply from May. Showing a significant increase on the months supply of inventory which is excited to see. The time we are seeing on days of market is quickly getting faster compared to February. We are still seeing a competitive market.
New Listings
Over the last three years we’ve seen a substantial amount of increase in listings on the market. The amount of listings is suspected to have a lower peak this year. We’ve seen a significant decrease in the median of the price of homes or the first time in 12 years.