The dog days of summer brought us sluggish buyer volume and stubbornly high prices. The national median sales price reached $434,100 in July—a 2% year-over-year increase—as the ongoing “lock-in effect” kept homeowners with ultra-low pandemic-era mortgages from listing their properties. Existing-home sales dropped 1.7% month-over-month in July to a seasonally adjusted annual pace of 4.06 million units, according to the National Association of Realtors®.

In the Twin Cities region, for the week ending August 8:

• New Listings increased 14.6% to 1,648
• Pending Sales decreased 0.6% to 1,012
• Inventory increased 8.2% to 11,645

For the month of July:

• Median Sales Price increased 3.4% to $408,238
• Days on Market remained flat at 40
• Percent of Original List Price Received decreased 0.2% to 99.1%
• Months Supply of Homes For Sale increased 7.1% to 3.0

All comparisons are to 2025

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Over the past four weeks, the U.S. real estate market entered a typical summer slowdown exacerbated by borrowing pressures as average 30-year fixed mortgage rates spiked to a high of 6.66%. Despite these elevated rates tightening buyer budgets, underlying demand held firm, with pending home sales marking an eighth consecutive month of year-over-year growth at the national level.

In the Twin Cities region, for the week ending August 1:

• New Listings increased 9.3% to 1,691
• Pending Sales increased 2.1% to 1,029
• Inventory increased 6.9% to 11,550

For the month of June:

• Median Sales Price increased 2.1% to $410,000
• Days on Market increased 7.7% to 42
• Percent of Original List Price Received decreased 0.4% to 99.6%
• Months Supply of Homes For Sale increased 7.4% to 2.9

All comparisons are to 2025

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

As the median age of first-time homebuyers increases, many younger buyers are turning to their parents for financial assistance when purchasing a home. A Veterans United survey found that nearly 6 in 10 parents (59%) have provided or plan to provide financial support to help their children buy a home. Parents assist in a variety of ways, including cash gifts, down payment contributions, and help with closing costs.

In the Twin Cities region, for the week ending July 25:

• New Listings increased 7.2% to 1,572
• Pending Sales increased 7.2% to 1,101
• Inventory increased 7.6% to 11,576

For the month of June:

• Median Sales Price increased 2.1% to $410,000
• Days on Market increased 7.7% to 42
• Percent of Original List Price Received decreased 0.4% to 99.6%
• Months Supply of Homes For Sale increased 7.4% to 2.9

All comparisons are to 2025

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.