Ted Bergstrom

For Week Ending October 29, 2022

Seller profits are beginning to ease, as home sales dip and sales prices soften nationwide. According to ATTOM, profit margins on median-priced single-family home and condo sales fell 3% from the second to the third quarter of 2022 in nearly 70% of the 186 metropolitan areas tracked, representing the largest quarterly decline since 2011. Despite the drop, investment returns remain historically high, with profits up compared to the same period last year.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 29:

• New Listings decreased 21.7% to 1,055
• Pending Sales decreased 41.2% to 794
• Inventory increased 5.4% to 9,015

FOR THE MONTH OF SEPTEMBER:

• Median Sales Price increased 6.3% to $362,050
• Days on Market increased 39.1% to 32
• Percent of Original List Price Received decreased 2.3% to 98.9%
• Months Supply of Homes For Sale increased 18.8% to 1.9

All comparisons are to 2021

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

For Week Ending October 22, 2022

As the housing market rebalances, many homeowners are finding they’re having to put more effort into selling their home to get the best deal possible compared to earlier in the pandemic, when conditions were different and a “For Sale” sign would often fetch multiple offers. Trends have changed, and with home sales down nationally, local REALTORS® are reporting a rise in price reductions, seller concessions, and homebuying contingencies, with a growing number of sellers needing to make repairs prior to sale.

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

• New Listings decreased 20.8% to 1,105
• Pending Sales decreased 34.2% to 827
• Inventory increased 4.6% to 9,059

FOR THE MONTH OF SEPTEMBER:

• Median Sales Price increased 6.3% to $362,100
• Days on Market increased 39.1% to 32
• Percent of Original List Price Received decreased 2.3% to 98.9%
• Months Supply of Homes For Sale increased 18.8% to 1.9

All comparisons are to 2021

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

For Week Ending October 15, 2022

Median national rents fell slightly to $1,759 in September, marking the second consecutive month rents have dropped, according to a recent report from Realtor.com. Although median rents remain 7.8% higher than a year ago, it represents the smallest year-over-year increase and the slowest annual rate of growth since June 2021, suggesting the rental market may be cooling after the record-breaking pace of the last two years.

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

• New Listings decreased 14.0% to 1,266
• Pending Sales decreased 37.3% to 835
• Inventory increased 4.0% to 9,071

FOR THE MONTH OF SEPTEMBER:

• Median Sales Price increased 6.3% to $362,050
• Days on Market increased 39.1% to 32
• Percent of Original List Price Received decreased 2.3% to 98.9%
• Months Supply of Homes For Sale increased 18.8% to 1.9

All comparisons are to 2021

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

For Week Ending October 8, 2022

Mortgage application activity nationwide recently dropped to its lowest pace in 25 years, according to the Mortgage Bankers Association (MBA), with purchase and refinance applications down considerably compared to this time last year, when mortgage rates were hovering around 3%. The sharp increase in rates has caused mortgage applications for purchase to decline 39% compared to the same week a year ago.

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

• New Listings decreased 16.8% to 1,260
• Pending Sales decreased 40.2% to 812
• Inventory increased 1.7% to 8,959

FOR THE MONTH OF SEPTEMBER:

• Median Sales Price increased 6.3% to $362,100
• Days on Market increased 39.1% to 32
• Percent of Original List Price Received decreased 2.3% to 98.9%
• Months Supply of Homes For Sale increased 18.8% to 1.9

All comparisons are to 2021

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

For Week Ending October 1, 2022

U.S. home prices are falling at the fastest rate since January 2009, according to recent data from Black Knight, as shifting market conditions have led many sellers to lower their asking price. Nationally, median home prices fell by 0.98% from July to August, marking the second consecutive month prices have declined. Although home prices are down 2% from their peak in June, they remain up 12.1 % compared to the same period last year.

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

• New Listings decreased 20.0% to 1,271
• Pending Sales decreased 36.5% to 895
• Inventory decreased 0.8% to 8,934

FOR THE MONTH OF AUGUST:

• Median Sales Price increased 5.7% to $369,900
• Days on Market increased 22.7% to 27
• Percent of Original List Price Received decreased 2.4% to 99.9%
• Months Supply of Homes For Sale increased 20.0% to 1.8

All comparisons are to 2021

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