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For Week Ending December 25, 2021

Home prices soared to new heights in 2021 and homebuyers are having to borrow more to afford their home purchase as a result, with the average home loan reaching $414,115 as of last measure, according to The Mortgage Bankers Association. As prices and loan amounts increase, borrowers have to come up with additional funds for down payments, forcing some to dip into their savings, take on second jobs, or borrow money from friends or family to remain competitive and afford the increasing costs of homeownership in the current market.

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

• New Listings decreased 25.1% to 284
• Pending Sales decreased 11.1% to 561
• Inventory decreased 22.0% to 5,156

FOR THE MONTH OF NOVEMBER:

• Median Sales Price increased 9.5% to $339,543
• Days on Market decreased 11.8% to 30
• Percent of Original List Price Received decreased 0.4% to 99.8%
• Months Supply of Homes For Sale decreased 21.4% to 1.1

All comparisons are to 2020

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

For Week Ending December 18, 2021

Single-family rents increased 10.9% year-over-year as of last measure, the fastest year-over-year increase in more than 16 years, and more than 3 times the rate of increase a year earlier, according to the CoreLogic Single-Family Rent Index (SFRI). Vacancy rates are at a 25-year low, as demand for rental units has surged this year due to skyrocketing sales prices and low inventory in the residential housing sector, leading some aspiring buyers to rent while waiting for the market to moderate.

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

• New Listings decreased 23.5% to 565
• Pending Sales decreased 18.5% to 787
• Inventory decreased 20.8% to 5,543

FOR THE MONTH OF NOVEMBER:

• Median Sales Price increased 9.6% to $339,625
• Days on Market decreased 11.8% to 30
• Percent of Original List Price Received decreased 0.4% to 99.8%
• Months Supply of Homes For Sale decreased 21.4% to 1.1

All comparisons are to 2020

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

For Week Ending December 11, 2021

With developable lots in short supply across the country, home builders are finding other ways to meet booming buyer demand. According to the most recent Annual Builder Practices Survey, one in four new single-family detached homes built in 2020 were located in established neighborhoods, with 19% of those homes built on infill lots, while 6% were teardowns. Demand for single-family homes continues to outpace supply, and infill development is expected to increase in market share in 2022 as builders ramp up production.

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

• New Listings decreased 21.4% to 701
• Pending Sales decreased 4.5% to 820
• Inventory decreased 17.3% to 5,965

FOR THE MONTH OF NOVEMBER:

• Median Sales Price increased 9.5% to $339,300
• Days on Market decreased 11.8% to 30
• Percent of Original List Price Received decreased 0.4% to 99.8%
• Months Supply of Homes For Sale decreased 21.4% to 1.1

All comparisons are to 2020

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