Bruce Erickson

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 March 2, 2024

The limited supply of existing-home inventory nationwide continues to benefit the new-home market, with applications for new home purchases up 38% month-over-month and 19.1% year-over-year in January, according to the Mortgage Bankers Association Builder Application Survey. The latest reading marks the 12th consecutive annual increase and is the strongest non-seasonally adjusted reading for the month in the survey’s history.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 2:

• New Listings increased 2.5% to 1,198
• Pending Sales increased 10.0% to 845
• Inventory increased 11.7% to 6,686

FOR THE MONTH OF JANUARY:

• Median Sales Price increased 3.2% to $353,035
• Days on Market decreased 8.2% to 56
• Percent of Original List Price Received increased 0.6% to 96.6%
• 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 February 24, 2024

U.S. housing starts fell 14.8% month-over-month in January to a seasonally adjusted annual rate of 1,331,000 units, according to data from the U.S. Census Bureau. Single-family starts dropped 4.7% from the previous month, while multi-family starts declined 35.8%. Although construction was down for the month, builder sentiment continues to improve, rising to the highest level since August 2023, according to the National Association of Home Builders (NAHB) / Wells Fargo Housing Market Index (HMI).

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

• New Listings increased 48.6% to 1,138
• Pending Sales increased 7.0% to 799
• Inventory increased 5.7% to 6,537

FOR THE MONTH OF JANUARY:

• Median Sales Price increased 3.1% to $352,500
• Days on Market decreased 8.2% to 56
• Percent of Original List Price Received increased 0.7% to 96.7%
• 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.