Category Archives: Weekly Report

Weekly Market Report

For Week Ending August 20, 2022

Rents continue to soar to new highs amid low vacancy rates, with the median rent hitting $1,879 in the 50 largest U.S. metropolitan areas in July, a 12.3% increase from the same time last year, according to a recent report from Realtor.com. Although rents remain elevated, rent growth appears to be slowing, having increased only $3 from June to July, with tenants in urban areas typically seeing higher rent hikes compared to those in the suburbs.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 20:

  • New Listings decreased 27.3% to 1,326
  • Pending Sales decreased 23.5% to 1,138
  • Inventory increased 5.1% to 8,953

FOR THE MONTH OF JULY:

  • Median Sales Price increased 7.1% to $375,000
  • Days on Market increased 15.8% to 22
  • Percent of Original List Price Received decreased 2.0% to 101.5%
  • Months Supply of Homes For Sale increased 20.0% to 1.8

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 August 13, 2022

After declining for three consecutive quarters, the share of homebuyers actively searching for a home grew to 49% nationally in the second quarter of 2022, up from 46% the previous quarter, according to the National Association of Home Builders (NAHB) recent Housing Trends Report. NAHB economists credit the rise in buyer activity to a less competitive housing market, which has motivated more prospective buyers to advance from the planning stage of the homebuying process to actively trying to purchase a home.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 13:

  • New Listings decreased 16.0% to 1,480
  • Pending Sales decreased 22.6% to 1,173
  • Inventory increased 5.4% to 8,948

FOR THE MONTH OF JULY:

  • Median Sales Price increased 7.1% to $375,000
  • Days on Market increased 15.8% to 22
  • Percent of Original List Price Received decreased 2.0% to 101.5%
  • Months Supply of Homes For Sale increased 20.0% to 1.8

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 August 6, 2022

The average 30-year fixed rate mortgage dropped to 4.99% the week ending 8/4, marking the first time since April rates have dipped below 5%, according to Freddie Mac. With rates down the past two weeks, the Mortgage Bankers Association reports mortgage applications rose slightly from the previous week, including an uptick in refinance applications, as buyers took advantage of the opportunity to lock in lower rates and save on their monthly mortgage payment.

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

  • New Listings decreased 21.7% to 1,560
  • Pending Sales decreased 23.1% to 1,118
  • Inventory increased 7.8% to 8,818

FOR THE MONTH OF JULY:

  • Median Sales Price increased 7.1% to $375,000
  • Days on Market increased 15.8% to 22
  • Percent of Original List Price Received decreased 2.0% to 101.5%
  • Months Supply of Homes For Sale increased 20.0% to 1.8

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 July 30, 2022

As housing supply continues to increase across the country, prospective buyers’ housing expectations are on the rise as well, with the National Association of Home Builders (NAHB) reporting the share of prospective buyers expecting their home search to be easier in the coming months climbed to 22% in the second quarter, up from 17% in the first quarter. The NAHB attributes the improved outlook among buyers to increases in inventory and a decline in buyer competition.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 30:

  • New Listings decreased 24.5% to 1,443
  • Pending Sales decreased 22.4% to 1,171
  • Inventory increased 10.3% to 8,830

FOR THE MONTH OF JUNE:

  • Median Sales Price increased 8.6% to $380,000
  • Days on Market increased 5.0% to 21
  • Percent of Original List Price Received decreased 0.8% to 103.3%
  • Months Supply of Homes For Sale increased 23.1% to 1.6

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 July 23, 2022

Mortgage applications declined for the fourth straight week, falling 1.8 percent from the previous week and marking the lowest level of activity since February 2000, according to the Mortgage Bankers Association. Increasing mortgage rates, escalating sales prices, and decades-high inflation continue to hinder affordability, putting homeownership on hold for many prospective buyers.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 23:

  • New Listings decreased 13.5% to 1,607
  • Pending Sales decreased 25.1% to 1,142
  • Inventory increased 9.7% to 8,729

FOR THE MONTH OF JUNE:

  • Median Sales Price increased 8.6% to $380,000
  • Days on Market increased 5.0% to 21
  • Percent of Original List Price Received decreased 0.8% to 103.3%
  • Months Supply of Homes For Sale increased 23.1% to 1.6

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 July 16, 2022

Increasing homeownership costs have led many prospective homebuyers to continue renting, adding additional pressure to an already highly competitive rental market. Rental vacancy rates have remained below 6% since Q3 2021, a 3-decade low, the U.S. Census Bureau reports. As demand continues to outpace supply, rents on new leases have surged 14.1% this year through June, according to Apartment List, a huge leap from the typical 2% – 3% annual rent increases before the pandemic.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 16:

  • New Listings decreased 11.5% to 1,750
  • Pending Sales decreased 24.8% to 1,097
  • Inventory increased 10.1% to 8,441

FOR THE MONTH OF JUNE:

  • Median Sales Price increased 8.6% to $380,000
  • Days on Market increased 5.0% to 21
  • Percent of Original List Price Received decreased 0.8% to 103.3%
  • Months Supply of Homes For Sale increased 23.1% to 1.6

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 July 9, 2022

Homebuyers felt a tinge of relief recently as mortgage rates softened somewhat, with the 30-year fixed-rate mortgage falling from 5.7% to 5.3% the week ending July 7, the biggest one week decline since 2008, according to Freddie Mac. Over the past two weeks mortgage rates have dropped by half a percent, making homebuying about 5% more affordable than last month and saving buyers approximately $100 in monthly mortgage payments, according to the National Association of REALTORS®.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 9:

  • New Listings decreased 18.3% to 1,481
  • Pending Sales decreased 19.0% to 931
  • Inventory increased 12.0% to 8,123

FOR THE MONTH OF JUNE:

  • Median Sales Price increased 8.6% to $380,000
  • Days on Market increased 5.0% to 21
  • Percent of Original List Price Received decreased 0.8% to 103.3%
  • Months Supply of Homes For Sale increased 23.1% to 1.6

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 July 2, 2022

According to the U.S. Census Bureau, Baby Boomers own 32 million homes, accounting for more than 40% of homes owned nationwide. As the second largest population group continues to age and transitions to other housing options, the Mortgage Bankers Association predicts more than 4 million existing homes will hit the market annually over the next decade, boosting supply and helping to meet the growing homeownership demand of younger generations.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 2:

  • New Listings decreased 3.1% to 1,385
  • Pending Sales decreased 26.0% to 1,231
  • Inventory increased 9.8% to 8,209

FOR THE MONTH OF MAY:

  • Median Sales Price increased 9.0% to $375,000
  • Days on Market decreased 4.2% to 23
  • Percent of Original List Price Received increased 0.1% to 104.1
  • Months Supply of Homes For Sale increased 27.3% to 1.4

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 June 25, 2022

Skyrocketing rents and surging homeownership costs are forcing many prospective buyers to remain in the rental market. With the national median existing-home price recently exceeding $400,000, and assuming a down payment of 3.5%, buyers would need to come up with $14,000 down toward the typical median-priced home. That’s a significant challenge for millions of renters, whom have a median savings of $1,500 or less, according to Harvard researchers’ State of the Nation’s Housing 2022 report.

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

  • New Listings decreased 4.5% to 1,825
  • Pending Sales decreased 25.0% to 1,221
  • Inventory increased 6.8% to 7,974

FOR THE MONTH OF MAY:

  • Median Sales Price increased 9.0% to $375,000
  • Days on Market decreased 4.2% to 23
  • Percent of Original List Price Received increased 0.1% to 104.1%
  • Months Supply of Homes For Sale increased 27.3% to 1.4

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 June 18, 2022

The 30-year fixed rate mortgage averaged 5.78% the week ending 6/17, rising 55 basis points from the previous week and marking the largest one week increase since 1987, according to Freddie Mac. Mortgage rates are nearly double compared to this time last year, with rates spiking following the Federal Reserve’s recent decision to raise the benchmark interest rate by three quarters of a percentage point in order to help quash rising inflation.

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

  • New Listings decreased 14.6% to 1,825
  • Pending Sales decreased 11.6% to 1,377
  • Inventory increased 7.8% to 7,687

FOR THE MONTH OF MAY:

  • Median Sales Price increased 9.0% to $375,000
  • Days on Market decreased 4.2% to 23
  • Percent of Original List Price Received increased 0.1% to 104.1%
  • Months Supply of Homes For Sale increased 27.3% to 1.4

All comparisons are to 2021

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