For Week Ending March 23, 2024

Housing inventory continues to improve nationwide, climbing 14.8% year-over-year according to Realtor.com’s February 2024 Monthly Housing Market Trends Report. New listings increased 11.3% year-over-year, while the total number of unsold homes rose 8.8% compared to the same period last year. Of particular note was the rise in inventory of homes in the $200,000 to $350,000 price range, which grew 20.6% annually, outpacing all other price categories.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 23:

• New Listings increased 8.8% to 1,170
• Pending Sales increased 11.3% to 939
• Inventory increased 13.3% to 7,067

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 4.6% to $358,000
• Days on Market decreased 3.3% to 59
• Percent of Original List Price Received increased 0.3% to 97.5%
• Months Supply of Homes For Sale increased 28.6% to 1.8

All comparisons are to 2023

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

For Week Ending March 16, 2024

The U.S. homeownership rate declined in the fourth quarter of 2023, sliding 0.3% from the third quarter to 65.7% at year’s end, according to the Census Bureau’s Housing Vacancy Survey, as higher interest rates and a limited supply of inventory put homeownership out of reach for some buyers. The latest reading fell short of the 25-year average rate of 66.4%, with the less than 35 age group experiencing the largest quarterly decline in homeownership rate, at 0.6%.

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

• New Listings increased 25.7% to 1,310
• Pending Sales increased 11.8% to 935
• Inventory increased 13.3% to 6,989

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 4.6% to $358,000
• Days on Market decreased 3.3% to 59
• Percent of Original List Price Received increased 0.3% to 97.5%
• Months Supply of Homes For Sale increased 28.6% to 1.8

All comparisons are to 2023

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

For Week Ending March 9, 2024

Mortgage rates fell for the first time in five weeks, as the average 30-year fixed rate mortgage slid 0.06 percentage points to 6.88% the week ending March 7, 2024, according to Freddie Mac. The decline in rates helped mortgage applications increase 7.1% on a seasonally adjusted basis from the previous week, according to the Mortgage Bankers Association, while applications to purchase a home were up 5% from the previous week.

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

• New Listings increased 24.9% to 1,313
• Pending Sales increased 11.6% to 898
• Inventory increased 11.9% to 6,793

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 4.6% to $358,000
• Days on Market decreased 3.3% to 59
• Percent of Original List Price Received increased 0.3% to 97.5%
• Months Supply of Homes For Sale increased 28.6% to 1.8

All comparisons are to 2023

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

For Week Ending December 30, 2023

U.S housing starts surged following the drop in mortgage rates, jumping 14.8% from the previous month to a seasonally adjusted annual rate of 1,560,000 units, according to the U.S. Census Bureau. The latest reading was boosted by an increase in single-family starts, which climbed 18% from the previous month. Housing completions were also up, rising 5% month-over-month. The average 30-year fixed-rate mortgage has fallen more than one percentage point since its peak in late October, leading to an increase in building activity and builder sentiment.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 30:

• New Listings increased 6.7% to 366
• Pending Sales increased 1.2% to 413
• Inventory decreased 5.3% to 6,831

FOR THE MONTH OF NOVEMBER:

• Median Sales Price increased 2.2% to $362,550
• 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.

For Week Ending December 23, 2023

The median household income for U.S. homebuyers hit a record high of $107,000 recently, a 21.6% increase from a year ago, according to the National Association of REALTORS® 2023 Profile of Home Buyers and Sellers. Despite higher home prices and rising borrowing costs, the share of first-time buyers also grew, increasing from 26% in 2022 to 32% this year. Down payments continued to climb as well, with the typical down payment for first-time buyers averaging 8%, the highest share since 1997, according to the report.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 23:

• New Listings increased 37.3% to 453
• Pending Sales increased 20.7% to 571
• Inventory decreased 4.3% to 7,167

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.