Real Estate
Home›Real Estate›Industry›Minneapolis, Denver and Chicago diverge under steady m…
Minneapolis, Denver and Chicago diverge under steady mortgage rates
In Minneapolis, active inventory rose 24.2% year over year to 6,763 homes, while the pending-to-new-listing ratio stayed near or above 100%.
HousingWire reports that national housing averages can look stable while local markets adjust very differently to the same mortgage-rate environment, highlighting contrasting patterns in Minneapolis, Denver and Chicago. It points to a low-volatility national picture even as demand remains constrained by mortgage rates around 6.7%.
According to HousingWire Data, for the week ending Aug. 14, active inventory totaled 871,063 single-family homes, up 1.3% from a year earlier, while new pending sales fell 3% year over year. At the same time, 41.7% of active listings had taken a price cut, roughly in line with 42% a year earlier.
HousingWire Data shows Minneapolis with surging supply and falling prices, yet continued buyer absorption. In Minneapolis, active inventory reached 6,763 homes on Aug. 14, up 24.2% year over year, the median list price fell 6.5% to $504,900, 38.6% of listings had price cuts, and 792 new pending sales versus 784 new listings produced a pending-to-new-listing ratio of 101%.
In Denver and Chicago, HousingWire says the balance shifts differently, with Denver seeing sellers cut prices faster than buyer response and Chicago benefiting from limited inventory that supports higher asking prices. Over the prior 16 weeks in Minneapolis, inventory rose from about 4,300 to 6,763 homes as the median list price fell from about $535,000 to $504,900, while the pending-to-new-listing ratio stayed consistently near or above 100%.