Category Archives: Weekly Report

Weekly Market Report

For Week Ending January 6, 2024

Median priced single-family homes and condos were less affordable compared to historical averages in 99% of counties nationwide in the 4th quarter of 2023, according to ATTOM’s Q4 2023 U.S. Home Affordability Report. Major homeownership expenses currently take up 33.7% of the average national wage, a slight improvement from the third quarter, when major expenses consumed 35% of the average national wage. ATTOM reports homeowners need an annual income of more than $75,000 to afford a home in approximately 57% of the county markets in the report.

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

  • New Listings increased 3.9% to 853
  • Pending Sales increased 19.3% to 476
  • Inventory decreased 2.7% to 6,382

FOR THE MONTH OF NOVEMBER:

  • Median Sales Price increased 2.2% to $362,550
  • Days on Market remained flat at 40
  • Percent of Original List Price Received increased 0.2% to 97.4%
  • Months Supply of Homes For Sale increased 15.8% to 2.2

All comparisons are to 2023

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

Weekly Market Report

For Week Ending December 30, 2023

U.S housing starts surged following the drop in mortgage rates, jumping 14.8% from the previous month to a seasonally adjusted annual rate of 1,560,000 units, according to the U.S. Census Bureau. The latest reading was boosted by an increase in single-family starts, which climbed 18% from the previous month. Housing completions were also up, rising 5% month-over-month. The average 30-year fixed-rate mortgage has fallen more than one percentage point since its peak in late October, leading to an increase in building activity and builder sentiment.

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

  • New Listings increased 6.7% to 366
  • Pending Sales increased 1.2% to 413
  • Inventory decreased 5.3% to 6,831

FOR THE MONTH OF NOVEMBER:

  • Median Sales Price increased 2.2% to $362,550
  • Days on Market remained flat at 40
  • Percent of Original List Price Received increased 0.2% to 97.4%
  • Months Supply of Homes For Sale increased 15.8% to 2.2

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 23, 2023

The median household income for U.S. homebuyers hit a record high of $107,000 recently, a 21.6% increase from a year ago, according to the National Association of REALTORS® 2023 Profile of Home Buyers and Sellers. Despite higher home prices and rising borrowing costs, the share of first-time buyers also grew, increasing from 26% in 2022 to 32% this year. Down payments continued to climb as well, with the typical down payment for first-time buyers averaging 8%, the highest share since 1997, according to the report.

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

  • New Listings increased 37.3% to 453
  • Pending Sales increased 20.7% to 571
  • Inventory decreased 4.3% to 7,167

FOR THE MONTH OF NOVEMBER:

  • Median Sales Price increased 2.2% to $362,600
  • Days on Market remained flat at 40
  • Percent of Original List Price Received increased 0.2% to 97.4%
  • Months Supply of Homes For Sale increased 15.8% to 2.2

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 16, 2023

47.4% of mortgaged residential properties were considered equity-rich—having at least 50% equity in one’s home—in the third quarter of 2023, according to ATTOM’s Q3 2023 U.S. Home Equity and Underwater Report. This marks a decline from the second quarter, when 49.2% of mortgaged homes were considered equity rich. However, the portion of homes that were seriously underwater recently improved, increasing from one in 36 homes in the second quarter of 2023 to one in 40 homes in the third quarter, the lowest point in more than four years.

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

  • New Listings increased 11.0% to 614
  • Pending Sales decreased 1.4% to 614
  • Inventory decreased 5.0% to 7,470

FOR THE MONTH OF NOVEMBER:

  • Median Sales Price increased 2.2% to $362,600
  • Days on Market remained flat at 40
  • Percent of Original List Price Received increased 0.2% to 97.4%
  • Months Supply of Homes For Sale increased 15.8% to 2.2

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 9, 2023

Nationally, the number of homes actively for sale remained mostly stable in November, climbing 0.7% year-over-year and 2.4% from the previous month, according to Realtor.com’s November 2023 Monthly Housing Market Trends Report. In addition, the number of newly listed homes for sale rose 7.5% year-over-year, snapping a 17-month streak in which listing activity declined, with an annual increase of 3% reported in the nation’s 50 largest metropolitan areas.

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

  • New Listings increased 5.9% to 733
  • Pending Sales increased 5.1% to 633
  • Inventory decreased 4.7% to 7,712

FOR THE MONTH OF NOVEMBER:

  • Median Sales Price increased 2.2% to $362,600
  • Days on Market remained flat at 40
  • Percent of Original List Price Received increased 0.2% to 97.4%
  • Months Supply of Homes For Sale increased 10.5% to 2.1

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 2, 2023

Mortgage rates dropped for the fifth consecutive week, with the average 30-year fixed-rate mortgage declining to 7.22% the week ending November 30, 2023, the lowest level since September, according to Freddie Mac. As a result, mortgage applications increased 2.8% on a seasonally adjusted basis from the previous week, and were up 43% on an unadjusted basis, according to data from the Mortgage Bankers Association. Refinance activity also improved, rising 14% from the previous week, marking the strongest week in two months.

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

  • New Listings increased 6.0% to 772
  • Pending Sales decreased 2.6% to 648
  • Inventory decreased 4.3% to 8,036

FOR THE MONTH OF OCTOBER:

  • Median Sales Price increased 2.4% to $365,000
  • Days on Market increased 2.8% to 37
  • Percent of Original List Price Received increased 0.2% to 98.4%
  • Months Supply of Homes For Sale increased 20.0% to 2.4

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 November 25, 2023

Down payments reached a new high recently, as rising interest rates, elevated sales prices, and increased competition have led homebuyers to put more money down when purchasing a home. According to Realtor.com, buyers made an average down payment of 14.7% of the purchase price and a median down payment of $30,400 on primary residences in the third quarter of the year, surpassing the previous high of 14.1% in Q2 2022. In doing so, buyers paid 78.2% more as a down payment in Q3 2023 compared to Q1 2020, when the median down payment was $17,000.

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

  • New Listings increased 5.6% to 490
  • Pending Sales increased 4.4% to 540
  • Inventory decreased 4.6% to 8,323

FOR THE MONTH OF OCTOBER:

  • Median Sales Price increased 2.4% to $365,000
  • Days on Market increased 2.8% to 37
  • Percent of Original List Price Received increased 0.2% to 98.4%
  • Months Supply of Homes For Sale increased 20.0% to 2.4

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 November 18, 2023

U.S. home seller profits continue to rise, with profit margins on median-priced single-family home and condo sales climbing to 59% in the third quarter of the year, up from 56.6% in the second quarter of 2023, according to ATTOM’s Q3 2023 U.S. Home Sales Report. Typical profit margins increased from the second quarter to the third quarter of 2023 in 85 of 155 metropolitan statistical areas analyzed, although profits were down year-over-year in 103, or 66%, of those metro areas.

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

  • New Listings decreased 5.9% to 934
  • Pending Sales increased 3.6% to 711
  • Inventory decreased 5.4% to 8,543

FOR THE MONTH OF OCTOBER:

  • Median Sales Price increased 2.4% to $365,000
  • Days on Market increased 2.8% to 37
  • Percent of Original List Price Received increased 0.2% to 98.4%
  • Months Supply of Homes For Sale increased 20.0% to 2.4

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 November 11, 2023

Despite sluggish home sales, US home prices have continued to increase, further impacting affordability for many prospective buyers. According to the latest S&P CoreLogic Case-Shiller Index, home prices were up 2.6% year-over-year and 0.4% month-over-month as of last measure, marking the seventh consecutive monthly increase. Additionally, the Federal Housing Finance Agency’s index found home prices increased 5.6% year-over-year and 0.6% month-over-month as of last measure.

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

  • New Listings increased 12.0% to 981
  • Pending Sales decreased 13.1% to 615
  • Inventory decreased 5.3% to 8,711

FOR THE MONTH OF OCTOBER:

  • Median Sales Price increased 2.4% to $365,000
  • Days on Market increased 2.8% to 37
  • Percent of Original List Price Received increased 0.2% to 98.4%
  • Months Supply of Homes For Sale increased 20.0% to 2.4

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 November 4, 2023

Builder confidence continues to wane amid persistently high mortgage rates, which have remained above 7% since mid-August. According to the National Association of Home Builders, builder confidence in newly built single-family homes fell four points to 40 in October, marking the third consecutive monthly decline. Higher rates have priced many prospective buyers out of the market, while also driving up the cost of builder development and construction loans, further impacting supply and housing affordability.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING NOVEMBER 4:

  • New Listings increased 6.6% to 1,048
  • Pending Sales remained flat at 761
  • Inventory decreased 5.8% to 8,805

FOR THE MONTH OF SEPTEMBER:

  • Median Sales Price increased 2.4% to $371,000
  • Days on Market increased 6.3% to 34
  • Percent of Original List Price Received increased 0.4% to 99.3%
  • Months Supply of Homes For Sale increased 20.0% to 2.4

All comparisons are to 2022

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