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For Week Ending July 6, 2024

U.S. housing starts fell 5.5% month-over-month to a seasonally adjusted annual rate of 1,277,000, according to the U.S. Census Bureau. Privately-owned housing completions also declined, dropping 8.4% from the previous month to a seasonally adjusted annual rate of 1,514,000, as higher interest rates and ongoing labor and supply challenges continue to impact new home construction.

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

• New Listings decreased 23.2% to 894
• Pending Sales decreased 1.4% to 823
• Inventory increased 12.4% to 8,954

FOR THE MONTH OF JUNE:

• Median Sales Price increased 1.8% to $390,000
• Days on Market increased 9.7% to 34
• Percent of Original List Price Received decreased 1.2% to 100.1%
• Months Supply of Homes For Sale increased 14.3% to 2.4

All comparisons are to 2023

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

For Week Ending June 29, 2024

Nationally, the median down payment was $26,400, or 13.6% of the purchase price, in the first quarter of 2024, according to a recent study from Realtor.com, a slight decrease from the previous quarter, when the median down payment was $30,400 (14.7%). Down payments are up significantly from pre-pandemic levels: in the first quarter of 2020, the typical down payment was approximately $14,000, or 10.7% of the purchase price.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JUNE 29:

• New Listings increased 8.2% to 1,358
• Pending Sales decreased 12.0% to 1,061
• Inventory increased 12.2% to 9,116

FOR THE MONTH OF MAY:

• Median Sales Price increased 4.1% to $385,000
• Days on Market increased 7.9% to 41
• Percent of Original List Price Received decreased 1.1% to 100.0%
• Months Supply of Homes For Sale increased 26.3% to 2.4

All comparisons are to 2023

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

For Week Ending June 22, 2024

The number of homes for sale continues to increase nationwide, with Realtor.com reporting there were 35.2% more homes for sale on a typical day in May compared to the same time last year, marking the seventh consecutive month of annual inventory growth. In fact, from January through May, inventory was at its highest level since 2020, although it is still down considerably from normal 2017 – 2019 levels.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JUNE 22:

• New Listings decreased 1.0% to 1,523
• Pending Sales decreased 3.7% to 1,077
• Inventory increased 12.1% to 9,063

FOR THE MONTH OF MAY:

• Median Sales Price increased 4.1% to $385,000
• Days on Market increased 7.1% to 41
• Percent of Original List Price Received decreased 1.1% to 100.0%
• Months Supply of Homes For Sale increased 21.1% to 2.3

All comparisons are to 2023

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