Closed home sales slipped almost 31% compared to a year ago, according to a new report from Minnesota Realtors. Despite the decline, CEO Chris Galler says the seemingly sharp decline actually reflects:

“We’re getting back to a level that’s more normal for this time of the year. We had two years where sales were really really high in the fall because of low-interest rates and the pandemic issues. So we did really well for a couple of years but now we’re getting back into a more typical marketplace.”

New home listings decreased by 19.1% and pending sales decreased by 33.5%.