বন্ধকী সুদের হার কমে যাওয়ায় মিনেসোটায় বাড়ির বিক্রয় বেড়ে যায়
Minnesota saw more homes change hands in September compared to the same time last year, as lower mortgage rates encouraged more buyers. Listings rose 4.9 percent statewide while pending sales increased 5.9 percent, according to data from the industry trade group Minnesota Realtors. In the Twin Cities metro, listings rose 5.2 percent and pending sales jumped 7.9 percent. The average interest rate on a 30-year mortgage has fallen almost half a percentage point between June and September. Mortgage rates are a “huge” factor for prospective buyers and sellers, said Jennifer Livingston, president of the St. Paul Area Association of Realtors. “Even a small change in rates can mean hundreds of dollars saved per month for buyers, especially first-time home buyers,” she added.
If interest rates fall further, more sellers may put their properties on the market, Livingston said. “We have a lot of people who own properties with rates at 4 percent or lower, so they’re less motivated to sell their home and buy a different property,” she told Getty Images. “So we do have that lock-in effect.” If mortgage rates drop below 6 percent, the Twin Cities will see increased activity from buyers looking for homes priced at $400,000 or less, said Frank D’Angelo, president of the Minneapolis Area Realtors. That, in turn, could lead to more traffic among those he called “move-up home buyers” looking at higher-priced properties. “I would say early 2026, that is achievable,” D’Angelo said.
Despite the increase in listings, he said sellers still generally have an advantage in the Twin Cities market, with supply not meeting demand. The Minnesota Realtors report described the statewide and metro housing market as “low-supply.” That proved true for Roseville resident Virginia Johnson when she sold her home earlier this month.
Lin Flagstad and Amy Finken visit an open house in Roseville. “Sixty people, eight showings, four days,” Alna Elder said outside of an open house in suburban St. Paul. With a sale behind her, she was now more serious about buying. She’s looking to downsize. Lin Flagstad and Amy Finken were also looking to buy. They want to sell the two-story home they bought in 1995 and switch to “bungalow living” as they get older. They have been looking for the right place in the Roseville area for about six months. “Things are going so fast, it’s amazing,” Flagstad said. “We looked at one house and said, ‘They’re crazy. They’ll never get $400,000 for this house.’ And it sold in a day and a half.”
However, recent data suggests homes are not moving as quickly on the market as they were last year. In the Twin Cities, homes spent an average of 44 days on the market, up 12.8 percent from September 2024. “Buyers have a little more breathing room than they did last year,” Livingston said. “So instead of making a decision in a matter of hours, buyers might have a few days to make a decision.” But Emily Bentson of Edina Realty said there are now “two market stories” in the Twin Cities: while some homes are selling quickly with multiple offers, others are “struggling.” “It seems like buyers prefer homes that are move-in ready and completely updated,” she said.
Another factor: Livingston said competition for homes tends to decline between late fall and February, so winter may be a good time to buy. She advises first-time home buyers to get pre-approved for a loan so they are ready to act when they find the right home.
The median home price in Minnesota is $357,200. That’s up 2.1 percent from last year. In the Twin Cities, the median price rose 2.6 percent to $390,000. “That shows that consumers are responding to lower mortgage rates,” Livingston said.
The U.S. housing market has seen declining sales since 2022, when mortgage rates began to rise from historic lows. Sales of previously occupied U.S. homes sank to their lowest level in nearly 30 years last year. Mortgage rates began falling in July after the Federal Reserve’s decision last month to cut its key interest rate for the first time in more than a year amid growing concerns about the U.S. labor market.
Mortgage rates may fall further later in the year, but potential home buyers may remain cautious amid uncertain economic conditions, said Lisa Sturtevant, Bright MLS’s chief economist. “The push and pull of lower interest rates and increased economic uncertainty mean that home sales activity is likely to stay flat in the fourth quarter, resulting in a slightly higher number of total transactions in 2025 than we saw last year,” she said.
প্রকাশিত: 2025-10-27 15:00:00
উৎস: www.mprnews.org
