(KDLM/MNN) – A new Minnesota Realtors report shows in June, closed sales of homes declined by nearly 14% compared to a year ago.
9,208 properties sold across the state with new listings down 6.4% year-over-year even as the total number of homes for sale increased 8.2% to 12,298 properties.
“That’s obviously due to the increased interest rates slowing down the marketplace itself and again a lack of housing. Although we are getting into a better situation as far as the number of homes that are for sale within the state,” said Chris Galler, CEO of Minnesota Realtors.
Overall housing inventory increased significantly, up 21.4% over last June to 1.7 months’ supply of homes on the market.
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