Inventory
Weekly Market Report
U.S. housing starts fell 14.8% month-over-month in January to a seasonally adjusted annual rate of 1,331,000 units, according to data from the U.S. Census Bureau. Single-family starts dropped 4.7% from the previous month, while multi-family starts declined 35.8%. Although construction was down for the month, builder sentiment continues to improve, rising to the highest level since August 2023, according to the National Association of Home Builders (NAHB) / Wells Fargo Housing Market Index (HMI).
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 24:
- New Listings increased 48.6% to 1,138
- Pending Sales increased 7.0% to 799
- Inventory increased 5.7% to 6,537
FOR THE MONTH OF JANUARY:
- Median Sales Price increased 3.1% to $352,500
- Days on Market decreased 8.2% to 56
- Percent of Original List Price Received increased 0.7% to 96.7%
- 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.
Mortgage Rates Increase for the Fourth Consecutive Week
February 29, 2024
Mortgage rates continued their ascent this week, reaching a two-month high and flirting with seven percent yet again. The recent boomerang in rates has dampened already tentative homebuyer momentum approaching the spring, a historically busy season for homebuying. While sales of newly built homes are trending in a positive direction, higher rates and elevated prices continue to pose affordability challenges that may leave potential homebuyers on the sidelines.
Information provided by Freddie Mac.
New Listings and Pending Sales
Inventory
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