Newly pending sales fell 8.5% from a year earlier in September and 11.2% from August, according to Zillow’s September Market Report. Zillow’s count of closed sales was 319,346, down 2.5% from a year earlier and 5.6% from August. The typical U.S. home value was $366,913, up 1% from a year ago, while a typical mortgage payment of $1,922 was 6.7% higher than last year, assuming a 20% down payment and excluding taxes and insurance. With 1.39 million homes for sale, 2.5% more than a year ago, and price cuts on 27.4% of listings, buyers still in the market have more room to negotiate.
In the Twin Cities region, for the week ending October 3:
- New Listings decreased 2.1% to 1,402
- Pending Sales decreased 21.0% to 782
- Inventory increased 13.1% to 12,636
For the month of August:
- Median Sales Price increased 1.0% to $404,000
- Days on Market increased 7.1% to 45
- Percent of Original List Price Received decreased 0.6% to 98.2%
- Months Supply of Homes For Sale increased 10.7% to 3.1
All comparisons are to 2025
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.