Bruce Erickson

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Over fifteen years of real estate experience in Minneapolis ans surrounding communities.

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Weekly Market Report

October 23, 2023 by nimdaerickson

For Week Ending October 14, 2023

According to ATTOM’s Q3 2023 U.S. Home Affordability Report, median priced single-family homes and condos were less affordable compared to historical averages in 99% of counties nationwide in the 3rd quarter of 2023. Home sale prices have continued to rise across the country, and with mortgage rates above 7%, major homeownership expenses now take up 35% of the average national wage, the highest level since 2007, and well above the 28% affordability standard commonly used by many lenders.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 14:

  • New Listings decreased 8.8% to 1,187
  • Pending Sales decreased 6.3% to 800
  • Inventory decreased 7.8% to 8,813

FOR THE MONTH OF SEPTEMBER:

  • Median Sales Price increased 2.4% to $371,000
  • Days on Market increased 6.3% to 34
  • Percent of Original List Price Received increased 0.4% to 99.3%
  • Months Supply of Homes For Sale increased 20.0% to 2.4

All comparisons are to 2022

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

Filed Under: Inventory

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