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Weekly Market Report

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For Week Ending July 27, 2024

According to ATTOM’s Q2 2024 U.S. Home Affordability Report, median priced single-family homes and condos were less affordable compared to historical averages in 99% of counties nationwide in the second quarter of the year. With sales prices on the rise, major homeownership expenses now require 35.1% of the average national wage, up from 31.9% in the first quarter, and the highest level since 2007.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 27:

  • New Listings increased 7.0% to 1,475
  • Pending Sales decreased 11.6% to 959
  • Inventory increased 11.7% to 9,383

FOR THE MONTH OF JUNE:

  • Median Sales Price increased 1.8% to $390,000
  • Days on Market increased 12.9% to 35
  • Percent of Original List Price Received decreased 1.2% to 100.1%
  • Months Supply of Homes For Sale increased 19.0% to 2.5

All comparisons are to 2023

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

Mortgage Rates Dip to Lowest Level Since February

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August 1, 2024
Mortgage rates declined to their lowest level since early February. Expectations of a Fed rate cut coupled with signs of cooling inflation bode well for the market, but apprehension in consumer confidence may prevent an immediate uptick as affordability challenges remain top of mind. Despite this, a recent moderation in home price growth and increases in housing inventory are a welcoming sign for potential homebuyers.

Information provided by Freddie Mac.