Housing Market Continues to Stabilize

The housing market continued to normalize as closed sales for January declined 33%. Although mortgage interest rates fell to 6.9% by the end of January-the lowest since September 2022-home buyers struggled with affordability.  Chris Galler is CEO of Minnesota Realtors:

“We’ve still got buyers out in the marketplace but a lot of them are going through shock with the interest rate being more than double what it was last year at this time.”

New listings were also down 12.4% across the state, with just under 4,300 properties becoming available.