Showing Activity 

Across the NorthstarMLS coverage area, showing activity rose 5.9% compared to the same week in 2024. Seven out of the nine price ranges had more showings than last year. The strongest gains were concentrated in the higher-end market, with showings on listings between $600K-1M rising over 30.0%. Homes between $300-400K made up 28.3% of shows while homes over $1 million accounted for 3.3% of showings. The highest four price ranges saw increased activity, while the other five experienced a decline in market share. A shifting economic outlook has led to lower rates which could spur more purchase demand. 

Minnesota Housing Market 

Lack of affordability still held back buyers as pending sales fell 7.9% last month. Sellers, too, listed 7.2% fewer homes. Inventory levels rose 1.0% year over year. We are still in an undersupplied market with just 2.1 months of supply. The statewide median price rose 4.9% to $343,000. Sellers accepted 96.7% of their original list price after 59 days on the market, both on average. 

Mortgage Rates 

Average fixed 30-year mortgage rates stand at 6.72%, according to Mortgage News Daily. That’s the lowest level since December 2024. Mortgage rates mostly follow the 10-year treasury yield, which fell due to a significant decline in consumer sentiment around the economy, as well as uncertainty about tariffs and trade policy. Investors concerned about slower growth are shifting to safer bonds, which pushes the bond prices up and the yield down. The baseline assumption was that rates would ease as long as the Fed continued cutting them and the data indicated slowing inflation . But now bond markets are more concerned about growth than inflation. Who knows what next week will bring?!  

To view the latest Weekly Showings Report, click here.