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Weekly Market Report

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For Week Ending October 21, 2023

Annual U.S. single-family rent growth fell to 2.9% in August, marking the 16th consecutive month of declines, according to Corelogic’s most recent Single-Family Rent Index (SFRI). Although rent growth continues to moderate, single-family rents have increased by 30% nationwide since February 2020 and renters are feeling the effects, with the average American renter household spending about 40% of its income on housing costs as of last measure.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 21:

  • New Listings increased 3.2% to 1,160
  • Pending Sales decreased 10.8% to 762
  • Inventory decreased 7.5% to 8,839

FOR THE MONTH OF SEPTEMBER:

  • Median Sales Price increased 2.4% to $371,000
  • Days on Market increased 6.3% to 34
  • Percent of Original List Price Received increased 0.4% to 99.3%
  • Months Supply of Homes For Sale increased 20.0% to 2.4

All comparisons are to 2022

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

Mortgage Rates Continue to Climb Toward Eight Percent

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October 26, 2023
For the seventh week in a row, mortgage rates continued to climb toward eight percent, resulting in the longest consecutive rise since the Spring of 2022. Rates have risen two full percentage points in 2023 alone and, as we head into Halloween, the impacts may scare potential homebuyers. Purchase activity has slowed to a virtual standstill, affordability remains a significant hurdle for many and the only way to address it is lower rates and greater inventory.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending October 14, 2023

According to ATTOM’s Q3 2023 U.S. Home Affordability Report, median priced single-family homes and condos were less affordable compared to historical averages in 99% of counties nationwide in the 3rd quarter of 2023. Home sale prices have continued to rise across the country, and with mortgage rates above 7%, major homeownership expenses now take up 35% of the average national wage, the highest level since 2007, and well above the 28% affordability standard commonly used by many lenders.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 14:

  • New Listings decreased 8.8% to 1,187
  • Pending Sales decreased 6.3% to 800
  • Inventory decreased 7.8% to 8,813

FOR THE MONTH OF SEPTEMBER:

  • Median Sales Price increased 2.4% to $371,000
  • Days on Market increased 6.3% to 34
  • Percent of Original List Price Received increased 0.4% to 99.3%
  • Months Supply of Homes For Sale increased 20.0% to 2.4

All comparisons are to 2022

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