UNDATED (WJON News) -- Interest rates on a 30-year mortgage rose to nearly 7% in December leading to a sharp decline in closed sales across Minnesota.

It also marked 12 straight months of decline, peaking at a nearly 39% drop in closed sales in December.

The overall number of properties for sale rose in 2022 at just over 15%, but they stayed on the market longer.

Closed sales in the tri-county area dropped 38.3% in December compared to December 2021.

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Median sale prices increased by 1.7% to $305,000, but they stayed on the market 24% longer than the previous December.

Minnesota Realtors say potential buyers and sellers remain weary, but the big-picture indicators show while the market has slowed, it is fundamentally healthy and ready to resurge when inflation eases.

 

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