For Week Ending May 25, 2024

Prospective homebuyers received good news recently in the form of declining mortgage rates, which fell for the third consecutive week, offering consumers some relief amid persistent affordability challenges. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.94% the week ending May 23, down from 7.02% the week before, marking the first time since early April that rates have fallen below 7%.

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

• New Listings decreased 9.4% to 1,288
• Pending Sales decreased 6.6% to 1,127
• Inventory increased 14.9% to 8,428

FOR THE MONTH OF APRIL:

• Median Sales Price increased 4.1% to $385,000
• Days on Market remained flat at 46
• Percent of Original List Price Received decreased 0.2% to 99.9%
• Months Supply of Homes For Sale increased 23.5% to 2.1

All comparisons are to 2023

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

For Week Ending May 18, 2024

According to the 2021 American Housing Survey, approximately 10.2 million households bought and moved to a new home in the two years preceding the date the survey was conducted. Of those, 40% of buyers purchased their first home, and 7% of buyers purchased a newly built home. First-time buyers had a median age of 33 years and a median income of $90,000, while new-home buyers had a median age of 45 years and a median income of $112,100. The median age of all homebuyers was 41 years, with a median income of $97,700.

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

• New Listings decreased 2.7% to 1,646
• Pending Sales decreased 4.9% to 1,028
• Inventory increased 16.9% to 8,234

FOR THE MONTH OF APRIL:

• Median Sales Price increased 4.1% to $385,000
• Days on Market remained flat at 46
• Percent of Original List Price Received decreased 0.2% to 99.9%
• Months Supply of Homes For Sale increased 23.5% to 2.1

All comparisons are to 2023

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

For Week Ending May 11, 2024

The trend toward building smaller homes continues, as America’s homebuilders respond to demand for more affordable housing. According to the U.S. Census Bureau, median single-family home sizes declined 4% annually in 2023 to 2,179 square feet, the lowest reading since 2010. With housing costs on the rise, townhomes have become an increasingly popular choice among buyers and builders alike, accounting for nearly 20% of all housing starts at the end of Q4 2023.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 11:

• New Listings increased 7.1% to 1,553
• Pending Sales decreased 9.0% to 1,027
• Inventory increased 15.3% to 7,985

FOR THE MONTH OF APRIL:

• Median Sales Price increased 4.1% to $385,000
• Days on Market remained flat at 46
• Percent of Original List Price Received decreased 0.2% to 99.9%
• Months Supply of Homes For Sale increased 23.5% to 2.1

All comparisons are to 2023

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