Metro Homes Market

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Weekly Market Report

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For Week Ending May 18, 2024

According to the 2021 American Housing Survey, approximately 10.2 million households bought and moved to a new home in the two years preceding the date the survey was conducted. Of those, 40% of buyers purchased their first home, and 7% of buyers purchased a newly built home. First-time buyers had a median age of 33 years and a median income of $90,000, while new-home buyers had a median age of 45 years and a median income of $112,100. The median age of all homebuyers was 41 years, with a median income of $97,700.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 18:

  • New Listings decreased 2.7% to 1,646
  • Pending Sales decreased 4.9% to 1,028
  • Inventory increased 16.9% to 8,234

FOR THE MONTH OF APRIL:

  • Median Sales Price increased 4.1% to $385,000
  • Days on Market remained flat at 46
  • Percent of Original List Price Received decreased 0.2% to 99.9%
  • Months Supply of Homes For Sale increased 23.5% to 2.1

All comparisons are to 2023

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

Mortgage Rates Drop Below Seven Percent

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May 23, 2024
Spring homebuyers received an unexpected windfall this week, as mortgage rates fell below the seven percent threshold for the first time in over a month. Although this week’s data on previously owned home sales showed a decline, total inventory of both new and existing homes is up. Greater supply coupled with the recent downward trend in rates is an encouraging sign for the housing market.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending May 11, 2024

The trend toward building smaller homes continues, as America’s homebuilders respond to demand for more affordable housing. According to the U.S. Census Bureau, median single-family home sizes declined 4% annually in 2023 to 2,179 square feet, the lowest reading since 2010. With housing costs on the rise, townhomes have become an increasingly popular choice among buyers and builders alike, accounting for nearly 20% of all housing starts at the end of Q4 2023.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 11:

  • New Listings increased 7.1% to 1,553
  • Pending Sales decreased 9.0% to 1,027
  • Inventory increased 15.3% to 7,985

FOR THE MONTH OF APRIL:

  • Median Sales Price increased 4.1% to $385,000
  • Days on Market remained flat at 46
  • Percent of Original List Price Received decreased 0.2% to 99.9%
  • Months Supply of Homes For Sale increased 23.5% to 2.1

All comparisons are to 2023

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

Mortgage Rates Continue to Decrease

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May 16, 2024
Mortgage rates decreased for the second consecutive week. Given the news that inflation eased slightly, the 10-year Treasury yield dipped, leading to lower mortgage rates. The decrease in rates, albeit small, may provide a bit more wiggle room in the budgets of prospective homebuyers.

Information provided by Freddie Mac.