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Weekly Market Report

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For Week Ending July 1, 2023

Buyers everywhere are feeling the crunch when home shopping this year, but middle-income households—those earning up to $75,000 per year—are perhaps experiencing the strongest competition overall due to a shortage of homes in their price range. The National Association of REALTORS® reports the market is currently short approximately 320,000 listings priced up to $256,000, which is considered the affordability range for middle-income buyers. As a result, these buyers can afford to purchase just 23% of all listings nationwide, a stark contrast to just 5 years earlier, when the same group could afford half of all homes on the market.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 1:

  • New Listings decreased 18.0% to 1,185
  • Pending Sales decreased 6.8% to 1,187
  • Inventory decreased 12.0% to 7,670

FOR THE MONTH OF MAY:

  • Median Sales Price decreased 1.3% to $370,000
  • Days on Market increased 65.2% to 38
  • Percent of Original List Price Received decreased 2.9% to 101.1%
  • Months Supply of Homes For Sale increased 35.7% to 1.9

All comparisons are to 2022

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

Mortgage Rates Continue to Climb

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July 6, 2023
Mortgage rates continued their upward trajectory again this week, rising to the highest rate this year so far. This upward trend is being driven by a resilient economy, persistent inflation and a more hawkish tone from the Federal Reserve. These high rates combined with low inventory continue to price many potential homebuyers out of the market.

Information provided by Freddie Mac.