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Weekly Market Report

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For Week Ending April 15, 2023

Baby boomers—people ages 58 to 76—now make up the largest share of buyers and sellers nationwide, according to the National Association of REALTORS® 2023 Home Buyers and Sellers Generational Trends Report. Baby boomers represented 53% of sellers and 39% of buyers in transactions that occurred between July 2021 and June 2022. Millennials, once the leading share of homebuyers, came in second place, accounting for 28% of buyers according to the report.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING APRIL 15:

  • New Listings decreased 13.4% to 1,321
  • Pending Sales decreased 37.7% to 883
  • Inventory increased 4.0% to 5,845

FOR THE MONTH OF MARCH:

  • Median Sales Price remained flat at $355,000
  • Days on Market increased 65.7% to 58
  • Percent of Original List Price Received decreased 4.0% to 98.6%
  • Months Supply of Homes For Sale increased 36.4% to 1.5

All comparisons are to 2022

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

After Weeks of Decline, Mortgage Rates Increase

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April 20, 2023
For the first time in over a month, mortgage rates moved up due to shifting market expectations. Home prices have stabilized somewhat, but with supply tight and rates stuck above six percent, affordable housing continues to be a serious issue for potential homebuyers. Unless rates drop into the mid five percent range, demand will only modestly recover.

Information provided by Freddie Mac.