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For Week Ending September 18, 2021

Despite increases in new listings in recent months, America is facing an epic housing shortage, with realtor.com reporting the U.S. needs an additional 5.24 million homes to meet current population needs, an increase of 1.4 million homes since 2019, as new-home construction has failed to keep up with household formations. Assuming the rate of household formations continues, the average rate of new home completions would need to triple over the next 5 – 6 years in order to meet current demand.

In the Twin Cities region, for the week ending September 18:

• New Listings decreased 10.5% to 1,736
• Pending Sales decreased 18.1% to 1,289
• Inventory decreased 15.0% to 8,287

For the month of August:

• Median Sales Price increased 11.1% to $350,000
• Days on Market decreased 43.6% to 22
• Percent of Original List Price Received increased 2.1% to 102.4%
• Months Supply of Homes For Sale decreased 26.3% to 1.4

All comparisons are to 2020

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

For Week Ending September 11, 2021

Fall brings good news for those looking to purchase a home, with realtor.com reporting the best time to buy a home is now, according to their Best Time to Buy Report, which analyzed listing data back to 2018. Based on the data, analysts found that the period between Sept. 12 and Oct. 17 will offer the most favorable home buying conditions to prospective buyers, as the majority of U.S. markets are predicted to see more homes for sale, less competition, and increased days on market than at any other time this year.

In the Twin Cities region, for the week ending September 11:

• New Listings decreased 9.0% to 1,680
• Pending Sales decreased 19.5% to 1,141
• Inventory decreased 16.9% to 7,971

For the month of July:

• Median Sales Price increased 11.9% to $350,000
• Days on Market decreased 43.6% to 22
• Percent of Original List Price Received increased 2.1% to 102.4%
• Months Supply of Homes For Sale decreased 26.3% to 1.4

All comparisons are to 2020

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

For Week Ending September 4, 2021

Mortgage rates remained below 3% for the eighth week in a row, with Freddie Mac reporting the 30-year fixed-rate mortgage averaged 2.87% for the week ending September 2nd. Despite persistent low rates, total mortgage applications fell 1.9% compared to the previous week, according to the Mortgage Banker’s Association, with both purchase and refinance applications moderating, as a rise in new COVID-19 cases tempered economic momentum.

In the Twin Cities region, for the week ending September 4:

• New Listings decreased 16.1% to 1,470
• Pending Sales decreased 21.2% to 1,303
• Inventory decreased 17.7% to 7,913

For the month of July:

• Median Sales Price increased 11.9% to $350,000
• Days on Market decreased 53.7% to 19
• Percent of Original List Price Received increased 3.5% to 103.6%
• Months Supply of Homes For Sale decreased 30.0% to 1.4

All comparisons are to 2020

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