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Weekly Market Report

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For Week Ending September 2, 2023

The lack of existing-home inventory continues to boost demand for new construction homes, and U.S. homebuilders are ramping up production to help meet buyers’ needs. According to the U.S. Census Bureau, total housing starts rose 3.9% month-over-month to a seasonally adjusted rate of 1.452 million, and were up 5.9% from the same period last year, exceeding economists’ expectations. Much of the increase was due to single-family starts, which grew 6.7% month-over-month, led by gains in the Midwest and West regions.

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

  • New Listings decreased 2.1% to 1,185
  • Pending Sales decreased 6.1% to 933
  • Inventory decreased 11.3% to 8,255

FOR THE MONTH OF JULY:

  • Median Sales Price remained flat at $375,000
  • Days on Market increased 31.8% to 29
  • Percent of Original List Price Received decreased 0.7% to 100.8%
  • Months Supply of Homes For Sale increased 15.8% to 2.2

All comparisons are to 2022

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

Mortgage Rates Decrease from Last Week While Remaining Above Seven Percent

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September 7, 2023
For the fourth consecutive week, the 30-year fixed-rate mortgage hovered above seven percent. The economy remains buoyant, which is encouraging for consumers. Though while inflation has decelerated, firmer economic data have put upward pressure on mortgage rates which, in the face of affordability challenges, are straining potential homebuyers.

Information provided by Freddie Mac.