More Homes Hit the Market as Demand Cools | Thomas DeMaio | REALTOR® Andover • Coon Rapids • Anoka County, MN ThomasDRealty.com

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.