Weekly Market Report
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.
Mortgage Rates Continue to Slide Down
March 23, 2023
Mortgage rates continued to slide down as financial market concerns came to the fore over the last two weeks. However, on the homebuyer front, the news is more positive with improved purchase demand and stabilizing home prices. If mortgage rates continue to slide over the next few weeks, look for a continued rebound during the first weeks of the spring homebuying season.
Information provided by Freddie Mac.
Existing Home Sales
February Monthly Skinny Video
Mortgage interest rates have dipped slightly from their peak last fall, leading pending sales to increase 8.1% month-to-month as of last measure, but affordability constraints continue to limit homebuyer activity overall, with existing-home sales declining for the twelfth consecutive month, according to the National Association of Realtors® (NAR).
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