Housing inventory is increasing across most of the country, as home sales continue to slow amid higher mortgage rates and elevated home prices. According to Realtor.com’s December Housing Report, inventory rose in 49 out of the 50 largest metros annually, with active listings up 54.7% compared to the same period in 2021. Time on market is also increasing nationally, with the typical home spending 67 days on market as of last measure, 11 more days compared to December 2021.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 21:
- New Listings decreased 21.3% to 700
- Pending Sales decreased 15.3% to 643
- Inventory increased 21.0% to 6,083
FOR THE MONTH OF DECEMBER:
- Median Sales Price increased 5.1% to $348,320
- Days on Market increased 47.1% to 50
- Percent of Original List Price Received decreased 3.2% to 96.3%
- Months Supply of Homes For Sale increased 55.6% to 1.4
All comparisons are to 2022
January 26, 2023
Mortgage rates continue to tick down and, as a result, home purchase demand is thawing from the months-long freeze that gripped the housing market. Potential homebuyers remain sensitive to changes in mortgage rates, but ample demand remains, fueled by first-time homebuyers.
Information provided by Freddie Mac.