For Week Ending April 27, 2024

Housing affordability improved for the second straight quarter, according to ATTOMS’s Q1 2024 Home Affordability Report, which found major homeownership expenses required 32.3% of the average national wage in the first quarter of the year, down from 33.7% in Q4 2023. Median-priced single-family homes and condos were less affordable compared to historical averages in 95% of counties nationwide, a slight decrease from the previous quarter, when 99% of counties were considered less affordable.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING APRIL 27:

• New Listings increased 5.7% to 1,418
• Pending Sales decreased 2.2% to 1,020
• Inventory increased 13.3% to 7,572

FOR THE MONTH OF MARCH:

• Median Sales Price increased 2.8% to $366,000
• Days on Market decreased 6.9% to 54
• Percent of Original List Price Received increased 0.2% to 98.8%
• Months Supply of Homes For Sale increased 26.7% to 1.9

All comparisons are to 2023

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

For Week Ending April 20, 2024

U.S. residential housing starts unexpectedly declined as of last measure, falling 14.7% from the previous month to a seasonally adjusted annual rate of 1.32 million units, according to the U.S. Census Bureau. Building permits and housing completions were also down month-over-month, sliding 4.3% and 13.5%, respectively, as higher interest rates and rising construction and development costs continue to impact homebuilders.

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

• New Listings increased 0.6% to 1,380
• Pending Sales increased 2.1% to 978
• Inventory increased 14.8% to 7,444

FOR THE MONTH OF MARCH:

• Median Sales Price increased 2.8% to $366,000
• Days on Market decreased 6.9% to 54
• Percent of Original List Price Received increased 0.2% to 98.8%
• Months Supply of Homes For Sale increased 26.7% to 1.9

All comparisons are to 2023

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

For Week Ending April 13, 2024

Amid higher borrowing costs, mortgage rate buydowns have become an increasingly popular choice among homebuyers looking to save some money on the purchase of their next home. According to a recent study by Freddie Mac, about 58.8% of purchase borrowers paid discount points last year, up from 53.6% and 31.3% of purchase borrowers in 2022 and 2021, respectively. Regionally, borrowers in the Pacific and Mountain West were more likely to pay points compared to borrowers in the Midwest and parts of the Northeast.

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

• New Listings increased 9.4% to 1,487
• Pending Sales increased 13.7% to 995
• Inventory increased 15.7% to 7,270

FOR THE MONTH OF MARCH:

• Median Sales Price increased 2.8% to $366,000
• Days on Market decreased 6.9% to 54
• Percent of Original List Price Received increased 0.2% to 98.8%
• Months Supply of Homes For Sale increased 26.7% to 1.9

All comparisons are to 2023

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

For Week Ending April 6, 2024

The share of homebuyers who paid cash for their home reached a 10-year high recently, according to the National Association of REALTORS®, with cash buyers accounting for 32% of all home purchases in January. Real estate investors and vacation-home buyers made up the majority of cash buyers during the past 6 months; among those consumers who paid cash for a home purchase last year, 26% were repeat buyers, while just 6% were first-time buyers.

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

• New Listings increased 32.2% to 1,383
• Pending Sales decreased 0.7% to 892
• Inventory increased 13.4% to 7,048

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 4.6% to $358,000
• Days on Market decreased 3.3% to 59
• Percent of Original List Price Received increased 0.3% to 97.5%
• Months Supply of Homes For Sale increased 35.7% to 1.9

All comparisons are to 2023

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

For Week Ending March 30, 2024

U.S. residential housing starts jumped 10.7% from the previous month to a seasonally adjusted annual rate of 1.521 million units, led by a surge in single-family starts, which increased 11.6% to 1.129 million units from the previous month, according to the U.S. Census Bureau. Meanwhile, overall housing completions rose 19.7% to a seasonally adjusted annual rate of 1.729 million units, the highest level since January 2007.

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

• New Listings decreased 10.4% to 1,014
• Pending Sales decreased 1.1% to 933
• Inventory increased 12.0% to 7,029

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 4.6% to $358,000
• Days on Market decreased 3.3% to 59
• Percent of Original List Price Received increased 0.3% to 97.5%
• Months Supply of Homes For Sale increased 28.6% to 1.8

All comparisons are to 2023

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