Metro Homes Market

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Archives for December 2023

Weekly Market Report

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For Week Ending December 16, 2023

47.4% of mortgaged residential properties were considered equity-rich—having at least 50% equity in one’s home—in the third quarter of 2023, according to ATTOM’s Q3 2023 U.S. Home Equity and Underwater Report. This marks a decline from the second quarter, when 49.2% of mortgaged homes were considered equity rich. However, the portion of homes that were seriously underwater recently improved, increasing from one in 36 homes in the second quarter of 2023 to one in 40 homes in the third quarter, the lowest point in more than four years.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 16:

  • New Listings increased 11.0% to 614
  • Pending Sales decreased 1.4% to 614
  • Inventory decreased 5.0% to 7,470

FOR THE MONTH OF NOVEMBER:

  • Median Sales Price increased 2.2% to $362,600
  • Days on Market remained flat at 40
  • Percent of Original List Price Received increased 0.2% to 97.4%
  • Months Supply of Homes For Sale increased 15.8% to 2.2

All comparisons are to 2022

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Mortgage Rates Continue Their Fall Below Seven Percent

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December 21, 2023
The 30-year fixed-rate mortgage remained below seven percent for the second week in a row, a welcome downward trend after 17 consecutive weeks above seven percent. Lower rates are bringing potential homebuyers who were previously waiting on the sidelines back into the market and builders already are starting to feel the positive effects. A rise in homebuilder confidence, followed by new home construction reaching its highest level since May, signals a response to meet heightened demand as current inventory remains low.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending December 9, 2023

Nationally, the number of homes actively for sale remained mostly stable in November, climbing 0.7% year-over-year and 2.4% from the previous month, according to Realtor.com’s November 2023 Monthly Housing Market Trends Report. In addition, the number of newly listed homes for sale rose 7.5% year-over-year, snapping a 17-month streak in which listing activity declined, with an annual increase of 3% reported in the nation’s 50 largest metropolitan areas.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 9:

  • New Listings increased 5.9% to 733
  • Pending Sales increased 5.1% to 633
  • Inventory decreased 4.7% to 7,712

FOR THE MONTH OF NOVEMBER:

  • Median Sales Price increased 2.2% to $362,600
  • Days on Market remained flat at 40
  • Percent of Original List Price Received increased 0.2% to 97.4%
  • Months Supply of Homes For Sale increased 10.5% to 2.1

All comparisons are to 2022

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.