Category Archives: Weekly Report

Weekly Market Report

For Week Ending January 21, 2023

Housing inventory is increasing across most of the country, as home sales continue to slow amid higher mortgage rates and elevated home prices. According to Realtor.com’s December Housing Report, inventory rose in 49 out of the 50 largest metros annually, with active listings up 54.7% compared to the same period in 2021. Time on market is also increasing nationally, with the typical home spending 67 days on market as of last measure, 11 more days compared to December 2021.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 21:

  • New Listings decreased 21.3% to 700
  • Pending Sales decreased 15.3% to 643
  • Inventory increased 21.0% to 6,083

FOR THE MONTH OF DECEMBER:

  • Median Sales Price increased 5.1% to $348,320
  • Days on Market increased 47.1% to 50
  • Percent of Original List Price Received decreased 3.2% to 96.3%
  • Months Supply of Homes For Sale increased 55.6% to 1.4

All comparisons are to 2022

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

Weekly Market Report

For Week Ending January 14, 2023

Despite softening home prices, housing affordability continued to decline nationwide in Q4 2022 due in part to elevated interest rates. According to ATTOM’s Q4 2022 U.S. Home Affordability Report, median priced single-family homes and condos were less affordable compared to historical averages in 99% of counties nationwide, an increase from Q4 2021, when 68% of counties were less affordable. The portion of wages needed for homeownership costs also increased, with homeownership costs now requiring 32.3% of the average national wage, a 15-year high.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 14:

  • New Listings decreased 5.6% to 772
  • Pending Sales decreased 25.6% to 549
  • Inventory increased 21.3% to 6,111

FOR THE MONTH OF DECEMBER:

  • Median Sales Price increased 4.9% to $347,900
  • Days on Market increased 47.1% to 50
  • Percent of Original List Price Received decreased 3.2% to 96.3%
  • Months Supply of Homes For Sale increased 55.6% to 1.4

All comparisons are to 2022

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

Weekly Market Report

For Week Ending January 7, 2023

Fannie Mae recently announced changes to its automated underwriting system intended to simplify the loan process and help create more homeownership opportunities for underserved borrowers lacking an established credit history. The changes include updating eligibility criteria for loans where borrowers do not have a credit score, using borrowers’ bank statements to determine cash flow and balance trends, and providing an automated option for lenders to document nontraditional credit sources.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 7:

  • New Listings decreased 5.3% to 808
  • Pending Sales decreased 30.5% to 386
  • Inventory increased 18.4% to 5,999

FOR THE MONTH OF NOVEMBER:

  • Median Sales Price increased 4.4% to $354,900
  • Days on Market increased 33.3% to 40
  • Percent of Original List Price Received decreased 2.6% to 97.2%
  • Months Supply of Homes For Sale increased 50.0% to 1.8

All comparisons are to 2022

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

Weekly Market Report

For Week Ending December 31, 2022

Rental prices are rising at the slowest pace in 19 months, with rents up 3.4% nationally as of last measure, marking the 10th consecutive month of slowing rent growth, according to Realtor.com’s recent Rental Report. Among the 50 largest metropolitan markets, the median asking rent declined $22 month-to-month to $1,712 and was down $69 from July 2022’s peak of $1,781. Rents in Sun Belt markets slowed at a faster rate than rents in the Midwest and in big metros such as Boston, Chicago, and New York, which have seen stronger rental growth this year.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 31:

  • New Listings decreased 22.7% to 331
  • Pending Sales decreased 29.0% to 409
  • Inventory increased 20.2% to 6,582

FOR THE MONTH OF NOVEMBER:

  • Median Sales Price increased 4.4% to $354,900
  • Days on Market increased 33.3% to 40
  • Percent of Original List Price Received decreased 2.6% to 97.2%
  • Months Supply of Homes For Sale increased 50.0% 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 December 24, 2022

Elevated mortgage rates continue to take a toll on the construction industry, with housing permits for new homes falling 11.2% in November, according to the Commerce Department. Housing starts were down 0.5% over the same time period, with the annual rate of housing starts down 16.4% from the previous year. Overall construction was strongest in the West and the South, while single-family construction was strongest in the West and Northeast.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 24:

  • New Listings decreased 5.6% to 303
  • Pending Sales decreased 20.8% to 449
  • Inventory increased 18.8% to 6,881

FOR THE MONTH OF NOVEMBER:

  • Median Sales Price increased 4.1% to $354,000
  • Days on Market increased 33.3% to 40
  • Percent of Original List Price Received decreased 2.6% to 97.2%
  • Months Supply of Homes For Sale increased 50.0% 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 December 17, 2022

Mortgage rates continued their downward trend of recent weeks, as the 30-year fixed-rate mortgage averaged 6.31% the week ending 12/15, according to Freddie Mac. Mortgage rates have fallen for the past 5 weeks, declining by more than three-quarters of a percent in that time, and are at their lowest level since September. The drop in rates has resulted in an uptick in mortgage refinance demand, which increased 6% from the previous week, according to the Mortgage Bankers Association.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 17:

  • New Listings decreased 11.1% to 531
  • Pending Sales decreased 23.2% to 633
  • Inventory increased 17.1% to 7,258

FOR THE MONTH OF NOVEMBER:

  • Median Sales Price increased 4.1% to $354,000
  • Days on Market increased 33.3% to 40
  • Percent of Original List Price Received decreased 2.6% to 97.2%
  • Months Supply of Homes For Sale increased 50.0% 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 December 10, 2022

Conforming loan limits on mortgages acquired by Fannie Mae and Freddie Mac will increase in most of the United States to $726,200 in 2023, up from $647,200 in 2022, according to the Federal Housing Finance Agency. Meanwhile, the conforming loan limit in high-cost areas will increase to $1,089,300, exceeding the $1 million dollar mark for the first time. The increases in loan limits will allow a larger group of borrowers to qualify for loans backed by Fannie Mae and Freddie Mac.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 10:

  • New Listings decreased 4.1% to 686
  • Pending Sales decreased 27.1% to 604
  • Inventory increased 15.5% to 7,549

FOR THE MONTH OF NOVEMBER:

  • Median Sales Price increased 4.1% to $354,000
  • Days on Market increased 33.3% to 40
  • Percent of Original List Price Received decreased 2.6% to 97.2%
  • Months Supply of Homes For Sale increased 41.7% to 1.7

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 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.

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.

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.