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Filed Under: Weekly Report

Weekly Market Report

For Week Ending May 6, 2023

Mortgage interest rates fell slightly following the Federal Reserve’s recent decision to raise its benchmark short-term interest rate by a quarter percentage point this month, its 10th interest rate hike since March 2022. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.39% the week ending 5/4/23, up from 5.27% a year ago. Many economists expect mortgage interest rates will continue to soften over the year due to cooling inflation.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 6:

  • New Listings decreased 18.2% to 1,533
  • Pending Sales decreased 23.4% to 1,096
  • Inventory increased at 6,325

FOR THE MONTH OF MARCH:

  • Median Sales Price remained flat at $355,000
  • Days on Market increased 65.7% to 58
  • Percent of Original List Price Received decreased 4.0% to 98.6%
  • Months Supply of Homes For Sale increased 36.4% to 1.5

All comparisons are to 2022

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

Filed Under: Weekly Report

Weekly Market Report

For Week Ending April 29, 2023

Homeownership remains a key driver to building wealth. According to a recent report from the National Association of REALTORS®, middle-class homeowners saw the median value of their homes appreciate $122,070, or 68%, over the last decade. Meanwhile, lower income homeowners saw a 75% gain in the median value of their homes, with an increase of $98,910 in wealth solely from home price appreciation, while upper income homeowners saw an increase of $150,810 in wealth from their homes in the last 10 years.

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

  • New Listings decreased 27.3% to 1,303
  • Pending Sales decreased 26.2% to 1,045
  • Inventory increased 2.7% to 6,259

FOR THE MONTH OF MARCH:

  • Median Sales Price remained flat at $355,000
  • Days on Market increased 65.7% to 58
  • Percent of Original List Price Received decreased 4.0% to 98.6%
  • Months Supply of Homes For Sale increased 36.4% to 1.5

All comparisons are to 2022

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

Filed Under: Weekly Report

Weekly Market Report

For Week Ending April 22, 2023

A lack of existing-home supply has allowed U.S. homebuilders to capture a near-record share of housing inventory. According to the National Association of Home Builders (NAHB) Chief Economist Robert Dietz, one-third of current housing supply is new construction, far above the historical norm of 10%. With only 2.6 months’ of existing-home supply as of last measure, prospective buyers have been increasingly turning to the new home market, which, along with builders’ use of sales incentives, have helped support new home sales in recent months.

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

  • New Listings decreased 27.0% to 1,344
  • Pending Sales decreased 17.0% to 975
  • Inventory increased 5.0% to 6,065

FOR THE MONTH OF MARCH:

  • Median Sales Price remained flat at $355,000
  • Days on Market increased 65.7% to 58
  • Percent of Original List Price Received decreased 4.0% to 98.6%
  • Months Supply of Homes For Sale increased 36.4% to 1.5

All comparisons are to 2022

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

Filed Under: Weekly Report

Weekly Market Report

For Week Ending April 15, 2023

Baby boomers—people ages 58 to 76—now make up the largest share of buyers and sellers nationwide, according to the National Association of REALTORS® 2023 Home Buyers and Sellers Generational Trends Report. Baby boomers represented 53% of sellers and 39% of buyers in transactions that occurred between July 2021 and June 2022. Millennials, once the leading share of homebuyers, came in second place, accounting for 28% of buyers according to the report.

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

  • New Listings decreased 13.4% to 1,321
  • Pending Sales decreased 37.7% to 883
  • Inventory increased 4.0% to 5,845

FOR THE MONTH OF MARCH:

  • Median Sales Price remained flat at $355,000
  • Days on Market increased 65.7% to 58
  • Percent of Original List Price Received decreased 4.0% to 98.6%
  • Months Supply of Homes For Sale increased 36.4% to 1.5

All comparisons are to 2022

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

Filed Under: Weekly Report

Weekly Market Report

For Week Ending April 8, 2023

Housing affordability is slowly improving, according to ATTOM’s Q1 2023 U.S. Home Affordability Report. Among the 572 counties analyzed, 94% of median-priced single-family homes and condos were less affordable than their historical averages in the first quarter of 2023, falling from 99% in the fourth quarter of 2022. The portion of average wages needed for homeownership costs also declined slightly, with the typical total monthly mortgage payment (PITI) now requiring 29.9% of the average annual wage of $70,460, down from 31.2% in the fourth quarter last year.

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

  • New Listings decreased 36.5% to 1,007
  • Pending Sales decreased 31.9% to 893
  • Inventory increased 4.8% to 5,766

FOR THE MONTH OF FEBRUARY:

  • Median Sales Price increased 0.6% to $342,000
  • Days on Market increased 38.6% to 61
  • Percent of Original List Price Received decreased 3.6% to 97.2%
  • Months Supply of Homes For Sale increased 44.4% to 1.3

All comparisons are to 2022

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

Filed Under: The Skinny

Home prices flat, buyer and seller activity still well below last year

  • The median sales price was unchanged at $355,000
  • The average market time was up 62.9 percent to 57 days
  • New listings down 23.9 percent; pending sales down 27.9 percent

(April 14, 2023) – According to new data from Minneapolis Area REALTORS® and the Saint Paul Area Association of REALTORS®, home prices flattened out and held steady from last March. The metro’s median sales price stands at $355,000. Buyer and seller activity are still down around 25.0 percent from year-ago levels.

Sales & Listings

In March, sellers brought 4,980 new listings online which amounted to 23.9 percent fewer than last year. Of those and other active listings that sold, half lasted fewer than 27 days on market. That may seem high compared to last year’s figure of 12 days on market, but it’s in line with 2018, 2019 and 2020 for this time of year. This is another sign that normalizing demand has had a stabilizing effect on the market.

“While we do still see some competition for the most desirable listings, buyers don’t feel quite as rushed as they did a year or so ago, and they are being more selective,” said Jerry Moscowitz, President of Minneapolis Area REALTORS®. “The challenge now is on the monthly payment side which has forced buyers to think more critically about their options and budget.” Buyer activity continued to decline in the wake of the Federal Reserve’s rate hiking campaign, which has increased the cost of borrowing notably. Last month, buyers signed 3,767 purchase agreements, 27.9 fewer than a year ago. It was a similar story for closings—the 3,156 closed deals in March were down 20.5 percent. Largely because of rising rates, home sales have now seen 10 consecutive months of double-digit year-over-year declines that started in June 2022.

This means that sellers have had to adjust their expectations. There’s at least two sides to every story, and what’s seen as a return to normal for some could also be viewed as a downturn from a seller’s perspective. Sellers accepted an average of 98.6 percent of their list price compared to 102.7 percent last year. Price negotiations have moved slightly in buyers’ favor. But overall, the balance of the market has remained relatively tight because both buyer and seller activity have downshifted in tandem.

Inventory & Home Prices

The increases in home prices have dissipated as buyer activity has come down from record highs. Bidding wars have eased but not disappeared. “Even as sales have slowed from record highs, motivated buyers are out there but not to the same degree as recently,” said Brianne Lawrence, President of the Saint Paul Area Association of REALTORS®. “That means prices aren’t being pushed up like they were. This is welcomed news for buyers, but sellers are still getting solid offers in a reasonable timeframe.”

The Twin Cities metro is still technically in a seller’s market, just not to the same degree as last year. There were 5,769 homes available for sale at the end of March, or 2.1 percent more than last year. Since buyer demand has waned and our inventory rose slightly, March’s month’s supply of inventory was up 27.3 percent. That meant we had 1.4 months’ supply of inventory at the end of the month. Typically 4-6 months of supply are needed to reach a balanced, neutral market.

Location & Property Type

Market activity varies by area, price point and property type. New home sales fell 6.7 percent while existing home sales were down 21.1 percent. Single family sales fell 22.0 percent, condo sales declined 28.9 percent and townhome sales were down 3.9 percent. Sales in Minneapolis decreased 26.0 percent while Saint Paul sales fell 21.9 percent. Cities like Watertown, Victoria, Mendota Heights, Blaine and Hudson saw the largest sales gains while Robbinsdale, Mound, Isanti and New Richmond all had notably lower demand than last year.

March 2022 Housing Takeaways (Compared To A Year Ago)

  • Sellers listed 4,980 properties on the market, a 23.9 percent decrease from last March
  • Buyers signed 3,767 purchase agreements, down 27.9 percent (3,207 closed sales, down 20.5 percent)
  • Inventory levels grew 2.1 percent to 5,769 units
  • Month’s Supply of Inventory rose 27.3 percent to 1.4 months (4-6 months is balanced)
  • The Median Sales Price was flat at $355,000
  • Days on Market rose 62.9 percent to 57 days, on average (median of 27 days, up 125.0 percent)
  • Changes in Sales activity varied by market segment
    • Single family sales decreased 22.0 percent; Condo sales were down 28.9 percent & townhouse sales fell 3.9 percent
    • Traditional sales declined 20.1 percent; foreclosure sales rose 11.1 percent; short sales increased 42.9 percent
    • Previously owned sales decreased 21.1 percent; new construction sales declined 6.7 percent

Filed Under: Weekly Report

Weekly Market Report

For Week Ending April 1, 2023

The annual rate of US rent growth has continued to slow annually, with single-family rents increasing 5.7% as of last measure, the lowest level since spring 2021, according to Corelogic’s most recent Single-Family Rent Index (SFRI). This marks the 9th consecutive month rent growth has slowed, with Orlando, FL, Charlotte, NC, and New York having the highest annual single-family rent price increases, while Phoenix posted the lowest annual rent price gain for the period.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING APRIL 1:

  • New Listings decreased 30.4% to 1,081
  • Pending Sales decreased 24.4% to 942
  • Inventory increased 6.4% to 5,815

FOR THE MONTH OF FEBRUARY:

  • Median Sales Price increased 0.6% to $342,000
  • Days on Market increased 38.6% to 61
  • Percent of Original List Price Received decreased 3.6% to 97.2%
  • Months Supply of Homes For Sale increased 44.4% to 1.3

All comparisons are to 2022

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

Filed Under: Weekly Report

Weekly Market Report

For Week Ending March 25, 2023

Mortgage interest rates declined for the third week in a row, with the 30-year fixed rate mortgage averaging 6.32% the week ending 3/30/23, the lowest level since mid-February, according to Freddie Mac. The drop in rates has led to an increase in mortgage demand, with mortgage applications to purchase a home rising 2% from the previous week, marking the fourth consecutive week home purchase applications increased, according to the Mortgage Bankers Association.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 25:

  • New Listings decreased 28.1% to 1,035
  • Pending Sales decreased 28.4% to 846
  • Inventory increased 9.2% to 5,799

FOR THE MONTH OF FEBRUARY:

  • Median Sales Price increased 0.6% to $342,000
  • Days on Market increased 38.6% to 61
  • Percent of Original List Price Received decreased 3.6% to 97.2%
  • Months Supply of Homes For Sale increased 44.4% to 1.3

All comparisons are to 2022

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

Filed Under: Weekly Report

Weekly Market Report

For Week Ending March 18, 2023

More than a decade of underbuilding has resulted in a shortage of 6.5 million single-family homes, as new-home construction continues to lag population growth. According to a new report from Realtor.com, 15.6 million new households were formed between 2012 and 2022, while only 9.03 million new single-family homes were completed. However, the report acknowledges that if multi-family starts are included, which represented 35% of all housing starts in 2022, the current supply deficit falls to 2.3 million homes.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 18:

  • New Listings decreased 29.9% to 1,006
  • Pending Sales decreased 27.7% to 850
  • Inventory increased 10.8% to 5,743

FOR THE MONTH OF FEBRUARY:

  • Median Sales Price increased 0.6% to $342,000
  • Days on Market increased 38.6% to 61
  • Percent of Original List Price Received decreased 3.6% to 97.2%
  • Months Supply of Homes For Sale increased 44.4% to 1.3

All comparisons are to 2022

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


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