For Week Ending July 1, 2023

Buyers everywhere are feeling the crunch when home shopping this year, but middle-income households—those earning up to $75,000 per year—are perhaps experiencing the strongest competition overall due to a shortage of homes in their price range. The National Association of REALTORS® reports the market is currently short approximately 320,000 listings priced up to $256,000, which is considered the affordability range for middle-income buyers. As a result, these buyers can afford to purchase just 23% of all listings nationwide, a stark contrast to just 5 years earlier, when the same group could afford half of all homes on the market.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 1:

• New Listings decreased 18.0% to 1,185
• Pending Sales decreased 6.8% to 1,187
• Inventory decreased 12.0% to 7,670

FOR THE MONTH OF MAY:

• Median Sales Price decreased 1.3% to $370,000
• Days on Market increased 65.2% to 38
• Percent of Original List Price Received decreased 2.9% to 101.1%
• Months Supply of Homes For Sale increased 35.7% to 1.9

All comparisons are to 2022

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

For Week Ending June 24, 2023

According to the latest data from the Census Bureau, the U.S. median square footage of single-family homes under construction rose slightly to 2,261 square feet in Q1 2023, up from 2,207 square feet in Q4 2022, but down from 2,310 square feet in Q1 2022. New home sizes decreased steadily last year, reversing the trend seen in 2021, when home sizes increased due to historically low interest rates and buyers spending more time at home during the pandemic.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JUNE 24:

• New Listings decreased 20.9% to 1,492
• Pending Sales decreased 11.3% to 1,113
• Inventory decreased 9.7% to 7,660

FOR THE MONTH OF MAY:

• Median Sales Price decreased 1.3% to $370,000
• Days on Market increased 65.2% to 38
• Percent of Original List Price Received decreased 2.9% to 101.1%
• Months Supply of Homes For Sale increased 35.7% to 1.9

All comparisons are to 2022

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

For Week Ending June 17, 2023

The number of homes available for sale increased 20.8% annually in May, according to Realtor.com’s Monthly Housing Market Trends Report, driven largely by gains in the South, where inventory rose 54.4% year-over-year. Housing supply has continued to fluctuate across the U.S. amid higher interest rates, with more affordable metropolitan areas, such as those in the South and Midwest, seeing inventory growth year-over-year, while more expensive metro areas, such as those in the West and Northeast, have seen inventory decrease.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JUNE 17:

• New Listings decreased 17.3% to 1,547
• Pending Sales decreased 17.2% to 1,153
• Inventory decreased 9.9% to 7,379

FOR THE MONTH OF MAY:

• Median Sales Price decreased 1.3% to $370,000
• Days on Market increased 65.2% to 38
• Percent of Original List Price Received decreased 2.9% to 101.1%
• Months Supply of Homes For Sale increased 28.6% to 1.8

All comparisons are to 2022

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

For Week Ending June 10, 2023

Home price growth has slowed to its lowest rate on record since 2016, according to the latest Realtor.com Monthly Housing Trends Report. The U.S. median list price rose 2.56% month-over-month to $441,000 in May, representing a 0.9% increase from May 2022. Fluctuating mortgage interest rates and higher home prices continue to impact affordability, with monthly borrowing costs up approximately $296 in May compared to the same time last year, assuming a 20% borrower down payment.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JUNE 10:

• New Listings decreased 15.4% to 1,573
• Pending Sales decreased 15.5% to 1,115
• Inventory decreased 8.7% to 7,224

FOR THE MONTH OF MAY:

• Median Sales Price decreased 1.3% to $370,000
• Days on Market increased 65.2% to 38
• Percent of Original List Price Received decreased 2.9% to 101.1%
• Months Supply of Homes For Sale increased 28.6% to 1.8

All comparisons are to 2022

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

For Week Ending June 3, 2023

Builder confidence continues to rise thanks to a boost in new-home sales, as a limited supply of existing homes for sale has helped drive demand for new homes this year. According to the National Association of Home Builders (NAHB), builder sentiment rose 5 points in May to 50, the fifth consecutive monthly increase and the highest level recorded since July 2022. With interest rates up compared to this time last year, builders’ use of sales incentives has played an important role in attracting buyers, with an average price reduction of 6% reported among the builders surveyed.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JUNE 3:

• New Listings decreased 20.7% to 1,464
• Pending Sales decreased 9.8% to 998
• Inventory decreased 6.7% to 7,000

FOR THE MONTH OF APRIL:

• Median Sales Price remained flat at $369,900
• Days on Market increased 64.3% to 46
• Percent of Original List Price Received decreased 3.6% to 100.1%
• Months Supply of Homes For Sale increased 33.3% to 1.6

All comparisons are to 2022

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