Ted Bergstrom

MN Real Estate Team

612.723.5444

Ted@TedBergstrom.com

Weekly Market Report

For Week Ending September 23, 2023

New-home construction recently fell to a 3-year low, as higher mortgage rates take their toll on homebuilders, impacting affordability and causing production to slow. According to the U.S. Census Bureau, housing starts dropped 11.3% from the previous month, led by a decline in multi-family construction. Although starts fell more than economists predicted, building permits increased over the same period, rising 6.9% from the previous month.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING SEPTEMBER 23:

  • New Listings decreased 3.8% to 1,252
  • Pending Sales decreased 10.0% to 894
  • Inventory decreased 8.7% to 8,707

FOR THE MONTH OF AUGUST:

  • Median Sales Price increased 2.7% to $380,000
  • Days on Market increased 18.5% to 32
  • Percent of Original List Price Received increased 0.1% to 100.0%
  • Months Supply of Homes For Sale increased 15.8% to 2.2

All comparisons are to 2022

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