For Week Ending February 19, 2022
Median rental prices have increased by double-digits for eight consecutive months, rising 19.8% year-over-year. While home prices continue to climb, according to Realtor.com’s January Rental Report, buying a starter home is more affordable than renting a similar sized apartment in more than half of the nation’s largest metropolitan areas. That’s because, nationally, rent growth is rising faster than home prices, with economists expecting rental prices to outpace listing price growth in 2022.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 19:
- New Listings decreased 3.0% to 1,057
- Pending Sales decreased 11.0% to 913
- Inventory decreased 19.2% to 4,429
FOR THE MONTH OF JANUARY:
- Median Sales Price increased 10.6% to $333,000
- Days on Market decreased 2.4% to 41
- Percent of Original List Price Received increased 0.1% to 99.6%
- Months Supply of Homes For Sale decreased 20.0% to 0.8
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Weekly Market Report
For Week Ending February 12, 2022
Freddie Mac reports the 30-year fixed-rate mortgage averaged 3.69% the week ending February 10, up 14 basis points from a week earlier and a full point higher than the record low of 2.65% at the beginning of 2021. Rising interest rates and increasing housing prices continue to impact affordability, and buyer sentiment is softening as a result, with the mortgage application Purchase Index falling 7% from the same week last year, according to the Mortgage Bankers Association.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 12:
- New Listings decreased 12.1% to 1,040
- Pending Sales decreased 9.1% to 910
- Inventory decreased 20.0% to 4,371
FOR THE MONTH OF JANUARY:
- Median Sales Price increased 10.6% to $332,950
- Days on Market decreased 2.4% to 41
- Percent of Original List Price Received increased 0.1% to 99.6%
- Months Supply of Homes For Sale decreased 20.0% to 0.8
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Weekly Market Report
For Week Ending February 5, 2022
Despite falling temperatures and a surge in COVID-19 cases across the country, the U.S. real estate market remains active, with homes selling in record time due to robust buyer demand and a shortage of housing options. With inventory down 28.4% compared to a year ago, the average home spent just 61 days on the market in January, a 14% drop from last year and the fastest pace of any January on record, according to Realtor.com’s monthly housing report.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 5:
- New Listings decreased 15.3% to 1,018
- Pending Sales decreased 19.1% to 883
- Inventory decreased 21.2% to 4,341
FOR THE MONTH OF DECEMBER:
- Median Sales Price increased 8.0% to $331,420
- Days on Market decreased 12.8% to 34
- Percent of Original List Price Received decreased 0.2% to 99.5%
- Months Supply of Homes For Sale decreased 18.2% to 0.9
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Weekly Market Report
For Week Ending January 29, 2022
Home seller profits increased in more than 90% of housing markets last year, the highest level since 2008, according to ATTOM Data Solutions’ Year-End 2021 U.S. Home Sales Report. On average, sellers saw a profit of $94,092 on a typical median-priced home in 2021, an increase of 45% from 2020 and up 71% from 2019. Sellers saw a 45.3% return on investment compared to the original purchase price, with the highest profits found among sellers in western states.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 29:
- New Listings decreased 17.8% to 850
- Pending Sales decreased 12.8% to 826
- Inventory decreased 21.2% to 4,432
FOR THE MONTH OF DECEMBER:
- Median Sales Price increased 7.9% to $331,270
- Days on Market decreased 12.8% to 34
- Percent of Original List Price Received decreased 0.2% to 99.5%
- Months Supply of Homes For Sale decreased 18.2% to 0.9
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Weeklly Market Report
For Week Ending January 22, 2022
With a shortage of options and bidding wars reaching an all-time high last year, an increasing number of buyers waived financing, appraisal, and inspection contingencies in hopes of making their offers more attractive to sellers. That number has been trending downward in recent months, according to the National Association of REALTORS® December 2021 REALTORS® Confidence Index Survey, which reports that while 79% of buyers waived a contract contingency in June 2021, only 60% of buyers did so in December.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 22:
- New Listings decreased 10.9% to 845
- Pending Sales decreased 15.6% to 767
- Inventory decreased 21.5% to 4,491
FOR THE MONTH OF DECEMBER:
- Median Sales Price increased 7.9% to $331,100
- Days on Market decreased 12.8% to 34
- Percent of Original List Price Received decreased 0.2% to 99.5%
- Months Supply of Homes For Sale decreased 27.3% to 0.8
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Weekly Market Report
For Week Ending January 15, 2022
As the U.S. economy recovers from the pandemic, the number of homeowners in forbearance continues to decline, with the total number of loans in forbearance falling to 1.41% as of last measure, making it the first time in 18 months the rate has dropped below 1.5%, according to the Mortgage Bankers Association.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 15:
- New Listings decreased 18.5% to 790
- Pending Sales decreased 15.0% to 722
- Inventory decreased 23.2% to 4,463
FOR THE MONTH OF DECEMBER:
- Median Sales Price increased 7.8% to $331,000
- Days on Market decreased 15.4% to 33
- Percent of Original List Price Received decreased 0.2% to 99.5%
- Months Supply of Homes For Sale decreased 27.3% to 0.8
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Weekly Market Report
For Week Ending January 8, 2022
Mortgage rates rose to their highest level since May 2020, with the 30-year fixed rate mortgage averaging 3.22% during the first week of 2022, more than half a percent higher than January 2021. The increase in interest rates has had little effect on buyer demand, which remains high into the new year, as purchase loan applications were up 1.4% on a seasonally adjusted basis the same week, according to the Mortgage Bankers Association’s Market Composite Index.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 8:
- New Listings decreased 16.2% to 814
- Pending Sales decreased 19.1% to 541
- Inventory decreased 22.5% to 4,493
FOR THE MONTH OF DECEMBER:
- Median Sales Price increased 7.9% to $331,200
- Days on Market decreased 15.4% to 33
- Percent of Original List Price Received decreased 0.2% to 99.5%
- Months Supply of Homes For Sale decreased 27.3% to 0.8
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Weekly Market Report
For Week Ending January 1, 2022
After a brief moderation last spring and summer, lumber prices are on the rise again. According to the National Association of Home Builders, lumber prices have nearly tripled the past 4 months, adding more than $18,600 to the price of the average new single-family home. The COVID-19 pandemic continues to impact the lumber market, with the most recent surge in prices due to supply chain disruptions, sharp increases of tariffs on Canadian lumber imports, and record wildfires in the western U.S. and British Columbia.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 1:
- New Listings decreased 26.5% to 403
- Pending Sales decreased 17.7% to 567
- Inventory decreased 21.8% to 4,890
FOR THE MONTH OF NOVEMBER:
- Median Sales Price increased 9.6% to $339,900
- Days on Market decreased 11.8% to 30
- Percent of Original List Price Received decreased 0.4% to 99.8%
- Months Supply of Homes For Sale decreased 14.3% to 1.2
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Weekly Market Report
For Week Ending December 25, 2021
Home prices soared to new heights in 2021 and homebuyers are having to borrow more to afford their home purchase as a result, with the average home loan reaching $414,115 as of last measure, according to The Mortgage Bankers Association. As prices and loan amounts increase, borrowers have to come up with additional funds for down payments, forcing some to dip into their savings, take on second jobs, or borrow money from friends or family to remain competitive and afford the increasing costs of homeownership in the current market.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 25:
- New Listings decreased 25.1% to 284
- Pending Sales decreased 11.1% to 561
- Inventory decreased 22.0% to 5,156
FOR THE MONTH OF NOVEMBER:
- Median Sales Price increased 9.5% to $339,543
- Days on Market decreased 11.8% to 30
- Percent of Original List Price Received decreased 0.4% to 99.8%
- Months Supply of Homes For Sale decreased 21.4% to 1.1
All comparisons are to 2020
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Weekly Market Report
For Week Ending December 18, 2021
Single-family rents increased 10.9% year-over-year as of last measure, the fastest year-over-year increase in more than 16 years, and more than 3 times the rate of increase a year earlier, according to the CoreLogic Single-Family Rent Index (SFRI). Vacancy rates are at a 25-year low, as demand for rental units has surged this year due to skyrocketing sales prices and low inventory in the residential housing sector, leading some aspiring buyers to rent while waiting for the market to moderate.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 18:
- New Listings decreased 23.5% to 565
- Pending Sales decreased 18.5% to 787
- Inventory decreased 20.8% to 5,543
FOR THE MONTH OF NOVEMBER:
- Median Sales Price increased 9.6% to $339,625
- Days on Market decreased 11.8% to 30
- Percent of Original List Price Received decreased 0.4% to 99.8%
- Months Supply of Homes For Sale decreased 21.4% to 1.1
All comparisons are to 2020
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
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