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.

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.

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.

For Week Ending February 12, 2022

Freddie Mac reports the 30-year fixed-rate mortgage averaged 3.69% the week ending February 10, up 14 basis points from a week earlier and a full point higher than the record low of 2.65% at the beginning of 2021. Rising interest rates and increasing housing prices continue to impact affordability, and buyer sentiment is softening as a result, with the mortgage application Purchase Index falling 7% from the same week last year, according to the Mortgage Bankers Association.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 12:

• New Listings decreased 12.1% to 1,040
• Pending Sales decreased 9.1% to 910
• Inventory decreased 20.0% to 4,371

FOR THE MONTH OF JANUARY:

• Median Sales Price increased 10.6% to $332,950
• Days on Market decreased 2.4% to 41
• Percent of Original List Price Received increased 0.1% to 99.6%
• Months Supply of Homes For Sale decreased 20.0% to 0.8

All comparisons are to 2021

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

For Week Ending February 5, 2022

Despite falling temperatures and a surge in COVID-19 cases across the country, the U.S. real estate market remains active, with homes selling in record time due to robust buyer demand and a shortage of housing options. With inventory down 28.4% compared to a year ago, the average home spent just 61 days on the market in January, a 14% drop from last year and the fastest pace of any January on record, according to Realtor.com’s monthly housing report.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 5:

• New Listings decreased 15.3% to 1,018
• Pending Sales decreased 19.1% to 883
• Inventory decreased 21.2% to 4,341

FOR THE MONTH OF DECEMBER:

• Median Sales Price increased 8.0% to $331,420
• Days on Market decreased 12.8% to 34
• Percent of Original List Price Received decreased 0.2% to 99.5%
• Months Supply of Homes For Sale decreased 18.2% to 0.9

All comparisons are to 2021

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