Home sales drop for 12th consecutive month

Interest rates on a 30-year mortgage rose to nearly 7% last month leading to a sharp decline in closed sales across Minnesota. Chris Galler CEO of Minnesota Realtors:

“In December we saw again home sales slide in the state by about 38% and we’re down about 17% on the year overall.”

The overall number of properties for sale rose in 2022 at just over 15%, but they stayed on the market longer.