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Weekly Market Report

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For Week Ending February 3, 2024

U.S. single-family rent growth was up 2.7% year-over-year as of last measure, according to Corelogic’s January 2024 U.S. Single-Family Rent Index, keeping in line with the annual rate of growth recorded prior to the pandemic. Attached singlefamily rents increased 3.3% year-over-year, while detached single-family rents rose 2.3%. Nationally, rent growth was highest in the lower-priced rental tiers, climbing 2.9% year-over-year.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 3:

  • New Listings increased 17.9% to 942
  • Pending Sales increased 4.2% to 720
  • Inventory increased 2.6% to 6,446

FOR THE MONTH OF DECEMBER:

  • Median Sales Price increased increased 1.4% to $353,900
  • Days on Market increased 2.0% to 51
  • Percent of Original List Price Received increased 0.4% to 96.7%
  • Months Supply of Homes For Sale increased 20.0% to 1.8

All comparisons are to 2023

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

Mortgage Rates Show Little Movement

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February 8, 2024
Mortgage rates remain stagnant, hovering in the mid-six percent range over the past several weeks. The economy and labor market remain strong with wage growth outpacing inflation, which is keeping consumer spending robust. Meanwhile, affordability in the housing market is an ongoing issue due to continued high home prices, elevated mortgage rates and low supply of homes on the market, particularly for first-time and low-income homebuyers.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending January 27, 2024

Builder confidence continues to rise amid declining mortgage rates, climbing seven points to 44 in January, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). The latest reading marks the highest level of confidence since last summer, with builder sentiment up nine points from the same period last year. Mortgage rates have plunged more than one full percentage point since their peak of 7.79% in October, improving affordability and helping to bring some buyers back from the sidelines.

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

  • New Listings increased 13.7% to 847
  • Pending Sales increased 6.3% to 724
  • Inventory increased 0.5% to 6,486

FOR THE MONTH OF DECEMBER:

  • Median Sales Price increased 1.3% to $353,500
  • Days on Market remained flat at 50
  • Percent of Original List Price Received increased 0.4% to 96.7%
  • Months Supply of Homes For Sale increased 20.0% to 1.8

All comparisons are to 2023

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

Mortgage Rates Tick Down

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February 1, 2024
Although affordability continues to impact homeownership, the combination of a solid economy, strong demographics and lower mortgage rates are setting the stage for a more robust housing market. Mortgage rates have been stable for nearly two months, but with continued deceleration in inflation, rates are expected to decline further. The economy continues to outperform due to solid job and income growth, while household formation is increasing at rates above pre-pandemic levels. These favorable factors should provide strong fundamental support to the market in the months ahead.

Information provided by Freddie Mac.