Low Inventory in July Driving Up Home Prices in St. Paul

In the month of July, the City of St. Paul experienced a drop in both new listings and closed sales, compare to the same month last year (2015).  New listings were down 3.9%, and closed sales were down 9%.

The lack of inventory and available homes on the market did drive up prices in St. Paul.  Home prices were up 8.5% in the month of July compared to the same month last year.   Many homeowners who would like to sell are waiting for inventory to become available so they can find their new home prior to selling the current residence, keeping inventory levels low, and prices moving in a upward direction.

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