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Weekly Market Report

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For Week Ending November 2, 2024

U.S. housing starts edged down 0.5% from the previous month to a seasonally adjusted annual rate of 1.35 million units, according to the U.S. Census Bureau. Single-family housing starts rose 2.7% to a seasonally adjusted annual rate of 1.03 million units, a five-month high, while multi-family housing starts declined 4.5% to 317,000 units. Year to date, single-family construction is up 10.1%.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING NOVEMBER 2:

  • New Listings decreased 3.1% to 1,035
  • Pending Sales increased 7.8% to 839
  • Inventory increased 9.7% to 10,144

FOR THE MONTH OF SEPTEMBER:

  • Median Sales Price increased 2.4% to $379,950
  • Days on Market increased 14.7% to 39
  • Percent of Original List Price Received decreased 0.8% to 98.5%
  • Months Supply of Homes For Sale increased 12.0% to 2.8

All comparisons are to 2023

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

Mortgage Rates Continue to Rise

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November 7, 2024
Mortgage rates continued to inch up this week, reaching 6.79 percent. It is clear purchase demand is very sensitive to mortgage rates in the current market environment. As soon as rates began to rise in early October, purchase applications fell and over the last month have declined 10 percent.

Information provided by Freddie Mac.