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For Week Ending March 25, 2023

Mortgage interest rates declined for the third week in a row, with the 30-year fixed rate mortgage averaging 6.32% the week ending 3/30/23, the lowest level since mid-February, according to Freddie Mac. The drop in rates has led to an increase in mortgage demand, with mortgage applications to purchase a home rising 2% from the previous week, marking the fourth consecutive week home purchase applications increased, according to the Mortgage Bankers Association.

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

• New Listings decreased 28.1% to 1,035
• Pending Sales decreased 28.4% to 846
• Inventory increased 9.2% to 5,799

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 0.6% to $342,000
• Days on Market increased 38.6% to 61
• Percent of Original List Price Received decreased 3.6% to 97.2%
• Months Supply of Homes For Sale increased 44.4% to 1.3

All comparisons are to 2022

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

For Week Ending March 18, 2023

More than a decade of underbuilding has resulted in a shortage of 6.5 million single-family homes, as new-home construction continues to lag population growth. According to a new report from Realtor.com, 15.6 million new households were formed between 2012 and 2022, while only 9.03 million new single-family homes were completed. However, the report acknowledges that if multi-family starts are included, which represented 35% of all housing starts in 2022, the current supply deficit falls to 2.3 million homes.

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

• New Listings decreased 29.9% to 1,006
• Pending Sales decreased 27.7% to 850
• Inventory increased 10.8% to 5,743

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 0.6% to $342,000
• Days on Market increased 38.6% to 61
• Percent of Original List Price Received decreased 3.6% to 97.2%
• Months Supply of Homes For Sale increased 44.4% to 1.3

All comparisons are to 2022

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

For Week Ending March 11, 2023

The slower pace of home sales has helped housing supply increase at a record pace nationwide, with inventory climbing 67.8% year-over-year in February, according to Realtor.com’s latest Monthly Housing Market Trends report. Inventory was up in 49 out of 50 of the largest US metros, driven largely by increased time on market and a decrease in buyer demand due to elevated borrowing costs. February marks the 6th consecutive month the supply of homes increased, although inventory remains down compared to pre-pandemic levels.

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

• New Listings decreased 25.8% to 1,011
• Pending Sales decreased 31.7% to 804
• Inventory increased 10.4% to 5,649

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 0.5% to $341,850
• Days on Market increased 38.6% to 61
• Percent of Original List Price Received decreased 3.6% to 97.2%
• Months Supply of Homes For Sale increased 44.4% to 1.3

All comparisons are to 2022

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