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We're seeing a shift in the housing market: in the four weeks ending August 23, new US listings edged up 0.4% week-over-week, and total homes for sale increased by 0.5%, reaching their highest point since early Q2. While inventory is growing, pending home sales slipped by 1.1% to a six-month low, with higher housing costs keeping many buyers on the sidelines even as more options become available nationally. The median US home-sale price is now up 1.9% year-over-year, surpassing $400,000, and the average mortgage rate is hovering around 7%, nearly a 13-month high. For buyers, these conditions can mean more negotiating power—especially on homes that have been listed for a few weeks. Sellers, on the other hand, are seeing better results when they price realistically rather than chasing last year's highs. As someone who closely tracks these trends in the Andover, MN area, I’m always watching for opportunities this evolving market creates for both buyers and sellers.

Lately, consumer confidence in the US has taken a dip, reaching its lowest point in seven months. While people are feeling a bit more positive about current conditions—with the present-conditions index rising about 7 points to 121—the outlook for income, business, and jobs over the next few months has dimmed. The expectations gauge dropped nearly 6 points to 68, a level that's often associated with recession risk. Early in Q3, we also saw 23,000 jobs cut by employers, and unemployment edged up to around 4%, mostly because more people exited the workforce rather than increased hiring.

Despite these shifts, homebuying expectations only eased slightly in mid-Q3 and continued to trend upward. Around 61% of consumers still expect interest rates to rise. With the Federal Reserve holding rates steady and markets not predicting much relief soon, it looks like borrowing costs will remain elevated through the end of the year for buyers.

As someone who tracks the Andover market closely, I’m always keeping an eye on these trends to help clients navigate both the challenges and opportunities. If you’re curious about how these figures might shape your plans—especially with rates and inventory in flux—staying informed is key.

Here’s a quick update on Anoka County’s real estate market. More homes are selling than last year, but prices have not changed much. Buyers and sellers are seeing a stable market with steady activity.

Labor Day in the United States celebrates the contributions of workers everywhere, while also unofficially marking the final big summer weekend before fall takes over.
It’s known for backyard barbecues, road trips, and that classic tradition of buying things you didn’t know you needed because “it’s on sale.”
Beaches, parks, and grills reach peak activity as everyone tries to squeeze every last drop of summer fun out of the long weekend.
Happy Labor Day! Wishing you a fun, easygoing weekend filled with good vibes, great food, and absolutely no thoughts about Monday.

Federal housing policy long favored cheaper financing, but the new law signaled a shift toward easing construction, streamlining reviews, and supporting more homebuilding.
The core issue was supply: when too few homes exist where demand is strongest, limiting certain buyers can change ownership, but not create homes.
The law's most consequential steps encouraged manufactured housing, rewarded communities that build more homes, and reduced barriers that can make new construction slow or costly.
The analysis found cheaper mortgage credit tends to increase borrowing and lift house prices more than homeownership, especially where zoning and permitting constrain building.
Congress began bridging competing priorities, but the central takeaway remained clear: expanding housing supply, not subsidizing every bidder, offers the stronger affordability path.