For Week Ending June 22, 2024

The number of homes for sale continues to increase nationwide, with Realtor.com reporting there were 35.2% more homes for sale on a typical day in May compared to the same time last year, marking the seventh consecutive month of annual inventory growth. In fact, from January through May, inventory was at its highest level since 2020, although it is still down considerably from normal 2017 – 2019 levels.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JUNE 22:

• New Listings decreased 1.0% to 1,523
• Pending Sales decreased 3.7% to 1,077
• Inventory increased 12.1% to 9,063

FOR THE MONTH OF MAY:

• Median Sales Price increased 4.1% to $385,000
• Days on Market increased 7.1% to 41
• Percent of Original List Price Received decreased 1.1% to 100.0%
• Months Supply of Homes For Sale increased 21.1% to 2.3

All comparisons are to 2023

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

For Week Ending June 15, 2024

U.S. mortgage performance is in good health overall, according to CoreLogic’s May 2024 Loan Performance Insights report, which found overall delinquency, serious delinquency, and foreclosure rates remained low as of last measure in March 2024. The report notes that just 2.8% of mortgages were delinquent by at least 30 days or more, a 0.2% change from the same period a year before, while serious delinquency and foreclosure inventory rates were 0.9% and 0.3%, respectively.

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

• New Listings decreased 1.6% to 1,564
• Pending Sales decreased 10.8% to 1,033
• Inventory increased 12.8% to 8,800

FOR THE MONTH OF MAY:

• Median Sales Price increased 4.1% to $385,000
• Days on Market increased 5.3% to 40
• Percent of Original List Price Received decreased 1.0% to 100.1%
• Months Supply of Homes For Sale increased 21.1% to 2.3

All comparisons are to 2023

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

For Week Ending June 8, 2024

U.S. home prices have increased by more than 47% since 2020, according to a recent analysis by ResiClub of the Case-Shiller National Home Price Index, outpacing the growth of the 1990s and 2010s, which saw prices rise 30.1% and 44.7%, respectively. Analysts say home price growth this decade is on track to surpass the growth of the 2000s, when home prices rose 47.3%.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JUNE 8:

• New Listings increased 3.2% to 1,666
• Pending Sales decreased 7.1% to 1,068
• Inventory increased 12.9% to 8,613

FOR THE MONTH OF MAY:

• Median Sales Price increased 4.1% to $385,000
• Days on Market increased 5.3% to 40
• Percent of Original List Price Received decreased 1.0% to 100.1%
• Months Supply of Homes For Sale increased 21.1% to 2.3

All comparisons are to 2023

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

For Week Ending June 1, 2024

The average American household spent 24.2% of their income on mortgage payments in the first three months of the year, according to the National Association of REALTORS®, down from 26.1% the previous quarter. Assuming a 20% down payment, the typical monthly mortgage payment on an existing single-family home was $2,037 in the first quarter, an increase of 9.3%, or $173 per month, compared to the same period a year ago.

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

• New Listings decreased 3.8% to 1,463
• Pending Sales decreased 5.0% to 960
• Inventory increased 14.0% to 8,450

FOR THE MONTH OF APRIL:

• Median Sales Price increased 4.1% to $385,000
• Days on Market remained flat at 46
• Percent of Original List Price Received decreased 0.2% to 99.9%
• Months Supply of Homes For Sale increased 23.5% to 2.1

All comparisons are to 2023

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

For Week Ending May 25, 2024

Prospective homebuyers received good news recently in the form of declining mortgage rates, which fell for the third consecutive week, offering consumers some relief amid persistent affordability challenges. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.94% the week ending May 23, down from 7.02% the week before, marking the first time since early April that rates have fallen below 7%.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 25:

• New Listings decreased 9.4% to 1,288
• Pending Sales decreased 6.6% to 1,127
• Inventory increased 14.9% to 8,428

FOR THE MONTH OF APRIL:

• Median Sales Price increased 4.1% to $385,000
• Days on Market remained flat at 46
• Percent of Original List Price Received decreased 0.2% to 99.9%
• Months Supply of Homes For Sale increased 23.5% to 2.1

All comparisons are to 2023

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