Ted Bergstrom

For Week Ending April 6, 2024

The share of homebuyers who paid cash for their home reached a 10-year high recently, according to the National Association of REALTORS®, with cash buyers accounting for 32% of all home purchases in January. Real estate investors and vacation-home buyers made up the majority of cash buyers during the past 6 months; among those consumers who paid cash for a home purchase last year, 26% were repeat buyers, while just 6% were first-time buyers.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING APRIL 6:

• New Listings increased 32.2% to 1,383
• Pending Sales decreased 0.7% to 892
• Inventory increased 13.4% to 7,048

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 4.6% to $358,000
• Days on Market decreased 3.3% to 59
• Percent of Original List Price Received increased 0.3% to 97.5%
• Months Supply of Homes For Sale increased 35.7% to 1.9

All comparisons are to 2023

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

For Week Ending March 30, 2024

U.S. residential housing starts jumped 10.7% from the previous month to a seasonally adjusted annual rate of 1.521 million units, led by a surge in single-family starts, which increased 11.6% to 1.129 million units from the previous month, according to the U.S. Census Bureau. Meanwhile, overall housing completions rose 19.7% to a seasonally adjusted annual rate of 1.729 million units, the highest level since January 2007.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 30:

• New Listings decreased 10.4% to 1,014
• Pending Sales decreased 1.1% to 933
• Inventory increased 12.0% to 7,029

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 4.6% to $358,000
• Days on Market decreased 3.3% to 59
• Percent of Original List Price Received increased 0.3% to 97.5%
• Months Supply of Homes For Sale increased 28.6% to 1.8

All comparisons are to 2023

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

For Week Ending March 23, 2024

Housing inventory continues to improve nationwide, climbing 14.8% year-over-year according to Realtor.com’s February 2024 Monthly Housing Market Trends Report. New listings increased 11.3% year-over-year, while the total number of unsold homes rose 8.8% compared to the same period last year. Of particular note was the rise in inventory of homes in the $200,000 to $350,000 price range, which grew 20.6% annually, outpacing all other price categories.

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

• New Listings increased 8.8% to 1,170
• Pending Sales increased 11.3% to 939
• Inventory increased 13.3% to 7,067

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 4.6% to $358,000
• Days on Market decreased 3.3% to 59
• Percent of Original List Price Received increased 0.3% to 97.5%
• Months Supply of Homes For Sale increased 28.6% to 1.8

All comparisons are to 2023

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

For Week Ending March 16, 2024

The U.S. homeownership rate declined in the fourth quarter of 2023, sliding 0.3% from the third quarter to 65.7% at year’s end, according to the Census Bureau’s Housing Vacancy Survey, as higher interest rates and a limited supply of inventory put homeownership out of reach for some buyers. The latest reading fell short of the 25-year average rate of 66.4%, with the less than 35 age group experiencing the largest quarterly decline in homeownership rate, at 0.6%.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 16:

• New Listings increased 25.7% to 1,310
• Pending Sales increased 11.8% to 935
• Inventory increased 13.3% to 6,989

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 4.6% to $358,000
• Days on Market decreased 3.3% to 59
• Percent of Original List Price Received increased 0.3% to 97.5%
• Months Supply of Homes For Sale increased 28.6% to 1.8

All comparisons are to 2023

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

For Week Ending March 9, 2024

Mortgage rates fell for the first time in five weeks, as the average 30-year fixed rate mortgage slid 0.06 percentage points to 6.88% the week ending March 7, 2024, according to Freddie Mac. The decline in rates helped mortgage applications increase 7.1% on a seasonally adjusted basis from the previous week, according to the Mortgage Bankers Association, while applications to purchase a home were up 5% from the previous week.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 9:

• New Listings increased 24.9% to 1,313
• Pending Sales increased 11.6% to 898
• Inventory increased 11.9% to 6,793

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 4.6% to $358,000
• Days on Market decreased 3.3% to 59
• Percent of Original List Price Received increased 0.3% to 97.5%
• Months Supply of Homes For Sale increased 28.6% to 1.8

All comparisons are to 2023

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