For Week Ending July 10, 2021

As sales prices surge, housing affordability continues to decline, despite historically low interest rates. According to the National Association of REALTORS® Housing Affordability Index, the median family income increased by only 1.2% in May, while the monthly mortgage payment rose to $1,204, a 20% gain compared to a year ago. Homeowners are allocating more of their income toward their mortgage, putting additional strain on consumers’ pocketbooks amid rising inflation, as the Consumer Price Index jumped 5.4% in the year through June, according to the Labor Department, the largest year-over-year gain since August 2008.

In the Twin Cities region, for the week ending July 10:

• New Listings decreased 7.8% to 1,751
• Pending Sales decreased 30.1% to 1,103
• Inventory decreased 32.6% to 6,709

For the month of June:

• Median Sales Price increased 14.8% to $350,000
• Days on Market decreased 52.4% to 20
• Percent of Original List Price Received increased 4.5% to 104.1%
• Months Supply of Homes For Sale decreased 42.9% to 1.2

All comparisons are to 2020

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

For Week Ending November 28, 2020

On Tuesday, the Dow Jones Industrial Average closed over 30,000 for the first time based on the good news in the development of coronavirus vaccines. Strength in the stock market, coupled with ongoing near-record low mortgage rates, continues to support healthy buyer demand in the market, though many take a short pause over the Thanksgiving holiday this week.

In the Twin Cities region, for the week ending November 28:

• New Listings increased 11.2% to 568
• Pending Sales increased 13.6% to 829
• Inventory decreased 34.8% to 7,219

For the month of October:

• Median Sales Price increased 12.5% to $315,000
• Days on Market decreased 23.9% to 35
• Percent of Original List Price Received increased 2.4% to 100.5%
• Months Supply of Homes For Sale decreased 36.0% to 1.6

All comparisons are to 2019

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

For Week Ending November 21, 2020

The National Association of REALTORS® reported that existing-home sales rose again in October, the fifth monthly increase in a row. Total existing-home sales increased 4.3% from September, rising to a seasonally adjusted annual rate of 6.85 million homes, and marking the highest home sales level in 15 years. While home sales activity slows during the holiday season, overall buyer demand remains strong.

In the Twin Cities region, for the week ending November 21:

• New Listings increased 5.2% to 990
• Pending Sales increased 8.8% to 1,093
• Inventory decreased 33.5% to 7,604

For the month of October:

• Median Sales Price increased 12.5% to $315,000
• Days on Market decreased 23.9% to 35
• Percent of Original List Price Received increased 2.4% to 100.5%
• Months Supply of Homes For Sale decreased 36.0% to 1.6

All comparisons are to 2019

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