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Minnesota’s housing market is showing signs of easing, with more homes for sale and buyers taking a little longer to make decisions.

More than 20,000 homes were on the market statewide in July, a 9.1 percent increase from a year earlier, according to new data from Minnesota Realtors, Minneapolis Area Realtors and the Saint Paul Area Association of Realtors. It was the highest July inventory in seven years.

Sales also increased. Pending sales were up 2.7 percent statewide, while completed sales rose 11.2 percent. In the Twin Cities metro, pending sales increased 3 percent and closed sales were up 10.5 percent.

According to the report’s authors, the increase in available homes is giving buyers more options, although Minnesota's housing market remains short of the supply typically considered balanced.

Here are other highlights from the July report:

The July report also says pricing changes were not uniform across the state. And it says the underlying housing shortage has not gone away, either. Minnesota continues to have fewer homes available than would be needed to meet demand in many communities.

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Sarah Thamer

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According to new data from Minnesota Realtors, Minneapolis Area Realtors and the Saint Paul Area Association of Realtors, the inventory of homes reached a seven-year high in July.  

Minnesota home inventory hit seven-year high in July

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