Inventory
Weekly Market Report
New-home construction recently fell to a 3-year low, as higher mortgage rates take their toll on homebuilders, impacting affordability and causing production to slow. According to the U.S. Census Bureau, housing starts dropped 11.3% from the previous month, led by a decline in multi-family construction. Although starts fell more than economists predicted, building permits increased over the same period, rising 6.9% from the previous month.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING SEPTEMBER 23:
- New Listings decreased 3.8% to 1,252
- Pending Sales decreased 10.0% to 894
- Inventory decreased 8.7% to 8,707
FOR THE MONTH OF AUGUST:
- Median Sales Price increased 2.7% to $380,000
- Days on Market increased 18.5% to 32
- Percent of Original List Price Received increased 0.1% to 100.0%
- 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.
Mortgage Rates Reach Highest Level in Almost 23 Years
September 28, 2023
The 30-year fixed-rate mortgage has hit the highest level since the year 2000. However, unlike the turn of the millennium, house prices today are rising alongside mortgage rates, primarily due to low inventory. These headwinds are causing both buyers and sellers to hold out for better circumstances.
Information provided by Freddie Mac.
August Monthly Skinny Video
New Listings and Pending Sales
Inventory
Weekly Market Report
Single-family homes are shrinking, as U.S. homebuilders respond to increased demand for smaller, more affordable homes. According to the U.S. Census Bureau, median single-family square floor area declined 2.9% to 2,191 square feet in the second quarter of 2023, the lowest reading since 2010. Single-family home size increased briefly during the COVID-19 pandemic, but has been decreasing steadily since the third quarter of 2022, as housing affordability conditions continue to impact buyer purchasing power.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING SEPTEMBER 16:
- New Listings decreased 3.2% to 1,413
- Pending Sales decreased 2.9% to 905
- Inventory decreased 9.3% to 8,562
FOR THE MONTH OF AUGUST:
- Median Sales Price increased 2.7% to $380,000
- Days on Market increased 18.5% to 32
- Percent of Original List Price Received increased 0.1% to 100.0%
- 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.
Mortgage Rates Remain Flat, Lingering Above Seven Percent
September 21, 2023
Mortgage rates continue to linger above seven percent as the Federal Reserve paused their interest rate hikes. Given these high rates, housing demand is cooling off and now homebuilders are feeling the effect. Builder sentiment declined for the first time in several months and construction levels have dipped to a three-year low, which could have an impact on the already low housing supply.
Information provided by Freddie Mac.
Existing Home Sales
- « Previous Page
- 1
- …
- 25
- 26
- 27
- 28
- 29
- …
- 80
- Next Page »