New listings rose 1.9% statewide in March as sellers prepared for the spring selling season. Inventory increased, though supply remains below long-term norms. Pending sales dipped 3.3%—the sixth consecutive month of year-over-year declines, though the pace has eased relative to December and January.
Prices continue to recalibrate to today's market conditions. The statewide median sales price rose 1.4% to $350,000. With more inventory and fewer sales, competition has softened. Many buyers are less likely to make aggressive offers, and sellers are adjusting their expectations.
Recent gains in showing activity could signal a stronger spring market, but buyers remain cautious. Higher mortgage rates, along with a weakening labor market and inflation concerns, are shaping household budgets and buying decisions. Even so, homeownership remains an important aspiration for most Minnesotans.
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