Metro Homes Market

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Weekly Market Report

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For Week Ending August 5, 2023

According to ATTOM’s Q2 2023 Home Affordability Report, 98% of median-priced U.S. single-family homes and condos were less affordable than their historical averages in the second quarter of 2023, up from 94% in the first quarter, with the decline in affordability attributed in part to rising sales prices, which have continued to outpace wage growth. Nationally, median single-family home values rose 10% from the first quarter to the second quarter, with residents needing 33% of their income to cover major homeownership expenses, the highest level since 2007.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 5:

  • New Listings decreased 11.9% to 1,400
  • Pending Sales decreased 10.5% to 1,039
  • Inventory decreased 14.2% to 7,975

FOR THE MONTH OF JUNE:

  • Median Sales Price increased 0.5% to $382,000
  • Days on Market increased 47.6% to 31
  • Percent of Original List Price Received decreased 1.9% to 101.3%
  • Months Supply of Homes For Sale increased 17.6% to 2.0

All comparisons are to 2022

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

Mortgage Rates Rise for the Third Consecutive Week

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August 10, 2023
For the third straight week, mortgage rates continued creeping up and are now just shy of seven percent. There is no doubt continued high rates will prolong affordability challenges longer than expected, particularly with home prices on the rise again. However, upward pressure on rates is the product of a resilient economy with low unemployment and strong wage growth, which historically has kept purchase demand solid.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending July 29, 2023

Single-family housing starts fell 8% to a seasonally adjusted annual rate of 1.43 million in June, according to a joint report from the U.S. Census Bureau and the Department of Housing and Urban Development, as higher interest rates and supply chain challenges continue to impact homebuilders and slow construction activity. Despite the decline, however, single-family permits were up 2.2% month-over-month, the highest pace since June 2022, according to the report.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 29:

  • New Listings decreased 9.3% to 1,340
  • Pending Sales decreased 8.7% to 1,077
  • Inventory decreased 14.4% to 7,972

FOR THE MONTH OF JUNE:

  • Median Sales Price increased 0.5% to $382,000
  • Days on Market increased 47.6% to 31
  • Percent of Original List Price Received decreased 1.9% to 101.3%
  • Months Supply of Homes For Sale increased 17.6% to 2.0

All comparisons are to 2022

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

Mortgage Rates Increase

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August 3, 2023
The combination of upbeat economic data and the U.S. government credit rating downgrade caused mortgage rates to rise this week. Despite higher rates and lower purchase demand, home prices have increased due to very low unsold inventory.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending July 22, 2023

Home prices hit a new high in May, rising a seasonally adjusted 0.7% month-overmonth, according to the latest Black Knight Home Price Index (HPI), marking the fifth consecutive monthly price increase. The report found that 27 of the 50 largest markets have seen prices return to or exceed their 2022 peaks, with many of those markets located in the Midwest and Northeast, although price gains remain weaker in the West and in areas that saw significant price gains during the pandemic.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 22:

  • New Listings decreased 17.1% to 1,369
  • Pending Sales decreased 13.2% to 1,017
  • Inventory decreased 14.4% to 7,892

FOR THE MONTH OF JUNE:

  • Median Sales Price increased 0.5% to $382,000
  • Days on Market increased 47.6% to 31
  • Percent of Original List Price Received decreased 1.9% to 101.3%
  • Months Supply of Homes For Sale increased 17.6% to 2.0

All comparisons are to 2022

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