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Weekly Market Report

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For Week Ending April 29, 2023

Homeownership remains a key driver to building wealth. According to a recent report from the National Association of REALTORS®, middle-class homeowners saw the median value of their homes appreciate $122,070, or 68%, over the last decade. Meanwhile, lower income homeowners saw a 75% gain in the median value of their homes, with an increase of $98,910 in wealth solely from home price appreciation, while upper income homeowners saw an increase of $150,810 in wealth from their homes in the last 10 years.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING APRIL 29:

  • New Listings decreased 27.3% to 1,303
  • Pending Sales decreased 26.2% to 1,045
  • Inventory increased 2.7% to 6,259

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.

Mortgage Rates Tick Down

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May 4, 2023
This week, mortgage rates inched down slightly amid recent volatility in the banking sector and commentary from the Federal Reserve on its policy outlook. Spring is typically the busiest season for the residential housing market and, despite rates hovering in the mid-six percent range, this year is no different. Interested homebuyers are acclimating to the current rate environment, but the lack of inventory remains a primary obstacle to affordability.

Information provided by Freddie Mac.