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Filed Under: Weekly Report

Weekly Market Report

For Week Ending December 3, 2022

Rising interest rates and higher sales prices have caused affordability to decline significantly this year, and U.S. homebuilders have taken note. New homes have been getting smaller throughout 2022, with the U.S. Census reporting the median square footage of homes under construction was 2,276 in the third quarter of 2022, down 2.5% from the fourth quarter of 2021, when the median square footage was 2,335. The trend toward smaller homes is expected to continue in the months ahead, as homebuyer budgets remain constrained.

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

  • New Listings decreased 18.8% to 717
  • Pending Sales decreased 34.3% to 637
  • Inventory increased 14.4% to 7,879

FOR THE MONTH OF OCTOBER:

  • Median Sales Price increased 4.6% to $355,500
  • Days on Market increased 33.3% to 36
  • Percent of Original List Price Received decreased 2.0% to 98.3%
  • Months Supply of Homes For Sale increased 33.3% to 2.0

All comparisons are to 2021

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

Filed Under: Weekly Report

Weekly Market Report

For Week Ending December 3, 2022

Rising interest rates and higher sales prices have caused affordability to decline significantly this year, and U.S. homebuilders have taken note. New homes have been getting smaller throughout 2022, with the U.S. Census reporting the median square footage of homes under construction was 2,276 in the third quarter of 2022, down 2.5% from the fourth quarter of 2021, when the median square footage was 2,335. The trend toward smaller homes is expected to continue in the months ahead, as homebuyer budgets remain constrained.

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

  • New Listings decreased 18.8% to 717
  • Pending Sales decreased 34.3% to 637
  • Inventory increased 14.4% to 7,879

FOR THE MONTH OF OCTOBER:

  • Median Sales Price increased 4.6% to $355,500
  • Days on Market increased 33.3% to 36
  • Percent of Original List Price Received decreased 2.0% to 98.3%
  • Months Supply of Homes For Sale increased 33.3% to 2.0

All comparisons are to 2021

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

Filed Under: Weekly Report

Weekly Market Report

For Week Ending November 26, 2022

The share of first-time homebuyers has fallen to an all-time low, with first-time buyers making up 26% of all buyers for the fiscal year ending June 2022, while the age of the typical first-time buyer increased to 36 years old, an all-time high, according to the National Association of REALTORS® Profile of Home Buyers and Sellers, which has been published since 1981. Higher borrowing costs and a lack of affordable housing have forced many buyers out of the market this year, and inflation and rising rents have made it more difficult to save up for a down payment.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING NOVEMBER 26:

  • New Listings decreased 10.4% to 456
  • Pending Sales decreased 39.8% to 515
  • Inventory increased 12.3% to 8,205

FOR THE MONTH OF OCTOBER:

  • Median Sales Price increased 4.6% to $355,500
  • Days on Market increased 33.3% to 36
  • Percent of Original List Price Received decreased 2.0% to 98.3%
  • Months Supply of Homes For Sale increased 33.3% to 2.0

All comparisons are to 2021

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

Filed Under: Weekly Report

Weekly Market Report

For Week Ending November 19, 2022

Housing supply continues to grow nationwide, as higher borrowing costs cause home sales to slow. According to Realtor.com’s Monthly Housing Market Trends Report, the national inventory of active listings increased 33.5% year-over-year in October, the highest inventory level since 2020. As a result, local buyers may find they have more options to choose from, and with homes spending more days on market compared to the same period last year, a bit more time to shop around as well.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING NOVEMBER 19:

  • New Listings decreased 1.8% to 975
  • Pending Sales decreased 42.6% to 671
  • Inventory increased 11.6% to 8,536

FOR THE MONTH OF OCTOBER:

  • Median Sales Price increased 4.6% to $355,500
  • Days on Market increased 33.3% to 36
  • Percent of Original List Price Received decreased 2.0% to 98.3%
  • Months Supply of Homes For Sale increased 26.7% to 1.9

All comparisons are to 2021

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

Filed Under: Weekly Report

Weekly Market Report

For Week Ending November 12, 2022

Homeownership was up slightly in the third quarter of 2022, with the percentage of owner-occupied households rising 0.6 points from the same period last year to 66% nationally, according to Federal Reserve Economic Data (FRED). The homeownership rate has continued to increase despite higher sales prices and a significant increase in mortgage rates this year, illustrating that buyer demand persists, especially in markets where the median listing prices were below the national median.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING NOVEMBER 12:

  • New Listings decreased 23.2% to 866
  • Pending Sales decreased 42.8% to 691
  • Inventory increased 8.6% to 8,732

FOR THE MONTH OF OCTOBER:

  • Median Sales Price increased 4.6% to $355,500
  • Days on Market increased 33.3% to 36
  • Percent of Original List Price Received decreased 2.1% to 98.2%
  • Months Supply of Homes For Sale increased 26.7% to 1.9

All comparisons are to 2021

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

Filed Under: Weekly Report

Weekly Market Report

For Week Ending November 5, 2022

With the average 30-year fixed-rate mortgage hovering around 7%, interest in adjustable-rate mortgages (ARM) continues to grow, as buyers look to save money any way they can. Freddie Mac reports the rate for a 5/1 ARM was a full point lower than the popular 30-year loan the week ending 11/4/22, while the share of homebuyers applying for ARMs has increased significantly since the start of the year, representing about 12% of total applications, according to the Mortgage Bankers Association.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING NOVEMBER 5:

  • New Listings decreased 22.4% to 965
  • Pending Sales decreased 37.4% to 751
  • Inventory increased 7.8% to 8,858

FOR THE MONTH OF SEPTEMBER:

  • Median Sales Price increased 6.3% to $362,100
  • Days on Market increased 39.1% to 32
  • Percent of Original List Price Received decreased 2.3% to 98.9%
  • Months Supply of Homes For Sale increased 18.8% to 1.9

All comparisons are to 2021

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

Filed Under: Weekly Report

Weekly Market Report

For Week Ending October 29, 2022

Seller profits are beginning to ease, as home sales dip and sales prices soften nationwide. According to ATTOM, profit margins on median-priced single-family home and condo sales fell 3% from the second to the third quarter of 2022 in nearly 70% of the 186 metropolitan areas tracked, representing the largest quarterly decline since 2011. Despite the drop, investment returns remain historically high, with profits up compared to the same period last year.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 29:

  • New Listings decreased 21.7% to 1,055
  • Pending Sales decreased 41.2% to 794
  • Inventory increased 5.4% to 9,015

FOR THE MONTH OF SEPTEMBER:

  • Median Sales Price increased 6.3% to $362,050
  • Days on Market increased 39.1% to 32
  • Percent of Original List Price Received decreased 2.3% to 98.9%
  • Months Supply of Homes For Sale increased 18.8% to 1.9

All comparisons are to 2021

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

Filed Under: Weekly Report

Weekly Market Report

For Week Ending October 22, 2022

As the housing market rebalances, many homeowners are finding they’re having to put more effort into selling their home to get the best deal possible compared to earlier in the pandemic, when conditions were different and a “For Sale” sign would often fetch multiple offers. Trends have changed, and with home sales down nationally, local REALTORS® are reporting a rise in price reductions, seller concessions, and homebuying contingencies, with a growing number of sellers needing to make repairs prior to sale.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 22:

  • New Listings decreased 20.8% to 1,105
  • Pending Sales decreased 34.2% to 827
  • Inventory increased 4.6% to 9,059

FOR THE MONTH OF SEPTEMBER:

  • Median Sales Price increased 6.3% to $362,100
  • Days on Market increased 39.1% to 32
  • Percent of Original List Price Received decreased 2.3% to 98.9%
  • Months Supply of Homes For Sale increased 18.8% to 1.9

All comparisons are to 2021

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

Filed Under: Weekly Report

Weekly Market Report

For Week Ending October 15, 2022

Median national rents fell slightly to $1,759 in September, marking the second consecutive month rents have dropped, according to a recent report from Realtor.com. Although median rents remain 7.8% higher than a year ago, it represents the smallest year-over-year increase and the slowest annual rate of growth since June 2021, suggesting the rental market may be cooling after the record-breaking pace of the last two years.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 15:

  • New Listings decreased 14.0% to 1,266
  • Pending Sales decreased 37.3% to 835
  • Inventory increased 4.0% to 9,071

FOR THE MONTH OF SEPTEMBER:

  • Median Sales Price increased 6.3% to $362,050
  • Days on Market increased 39.1% to 32
  • Percent of Original List Price Received decreased 2.3% to 98.9%
  • Months Supply of Homes For Sale increased 18.8% to 1.9

All comparisons are to 2021

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

Filed Under: Weekly Report

Weekly Market Report

For Week Ending October 8, 2022

Mortgage application activity nationwide recently dropped to its lowest pace in 25 years, according to the Mortgage Bankers Association (MBA), with purchase and refinance applications down considerably compared to this time last year, when mortgage rates were hovering around 3%. The sharp increase in rates has caused mortgage applications for purchase to decline 39% compared to the same week a year ago.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 8:

  • New Listings decreased 16.8% to 1,260
  • Pending Sales decreased 40.2% to 812
  • Inventory increased 1.7% to 8,959

FOR THE MONTH OF SEPTEMBER:

  • Median Sales Price increased 6.3% to $362,100
  • Days on Market increased 39.1% to 32
  • Percent of Original List Price Received decreased 2.3% to 98.9%
  • Months Supply of Homes For Sale increased 18.8% to 1.9

All comparisons are to 2021

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


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