Ted Bergstrom

For Week Ending June 3, 2023

Builder confidence continues to rise thanks to a boost in new-home sales, as a limited supply of existing homes for sale has helped drive demand for new homes this year. According to the National Association of Home Builders (NAHB), builder sentiment rose 5 points in May to 50, the fifth consecutive monthly increase and the highest level recorded since July 2022. With interest rates up compared to this time last year, builders’ use of sales incentives has played an important role in attracting buyers, with an average price reduction of 6% reported among the builders surveyed.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JUNE 3:

• New Listings decreased 20.7% to 1,464
• Pending Sales decreased 9.8% to 998
• Inventory decreased 6.7% to 7,000

FOR THE MONTH OF APRIL:

• Median Sales Price remained flat at $369,900
• Days on Market increased 64.3% to 46
• Percent of Original List Price Received decreased 3.6% to 100.1%
• Months Supply of Homes For Sale increased 33.3% to 1.6

All comparisons are to 2022

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

For Week Ending May 27, 2023

Sales prices of existing homes rose in nearly 70% of metropolitan areas in the first quarter of 2023, according to the latest quarterly report from the National Association of REALTORS® (NAR). Despite the increase, however, affordability improved slightly from the fourth quarter of 2022, when 90% of metropolitan areas saw annual sales price increases. On average, families spent 24.5% of their monthly income on mortgage payments in the first quarter this year, compared to 26.2% in the fourth quarter last year.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 27:

• New Listings decreased 19.3% to 1,355
• Pending Sales decreased 19.1% to 1,184
• Inventory decreased 5.7% to 6,915

FOR THE MONTH OF APRIL:

• Median Sales Price remained flat at $369,900
• Days on Market increased 64.3% to 46
• Percent of Original List Price Received decreased 3.6% to 100.1%
• Months Supply of Homes For Sale increased 33.3% to 1.6

All comparisons are to 2022

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

For Week Ending May 20, 2023

The number of homes available for sale was up 48.3% year-over-year in April, according to Realtor.com’s latest Monthly Housing Market Trends Report, although inventory remains well below pre-pandemic levels. Inventory increased in 42 out of 50 of the largest metros annually, with the typical home spending 41 days on market, up from 26 days the same time last year. Nationally, listing price growth has also softened, rising 2.85% year-over-year, the lowest rate of growth since April 2020.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 20:

• New Listings decreased 21.9% to 1,630
• Pending Sales decreased 28.6% to 1,063
• Inventory decreased 7.3% to 6,629

FOR THE MONTH OF APRIL:

• Median Sales Price decreased 0.3 percent to $369,000
• Days on Market increased 64.3% to 46
• Percent of Original List Price Received decreased 3.6% to 100.1%
• Months Supply of Homes For Sale increased 33.3% to 1.6

All comparisons are to 2022

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

For Week Ending May 13, 2023

May is the best month to sell a home, according to a recent analysis by ATTOM Data Solutions, which found that, on average, sellers saw a premium of 12.8% above market value when selling in May. June and April are the second and third best months to sell, with sellers receiving average premiums of 10.7% and 10.3%, respectively. The analysis studied over 51 million home sales between 2011 and 2022 and found that the largest premiums were achieved by sellers who sold in late spring and early summer.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 13:

• New Listings decreased 26.1% to 1,422
• Pending Sales decreased 13.0% to 1,128
• Inventory decreased 2.3% to 6,500

FOR THE MONTH OF APRIL:

• Median Sales Price decreased at $368,580
• Days on Market increased 64.3% to 46
• Percent of Original List Price Received decreased 3.6% to 100.1%
• Months Supply of Homes For Sale increased 33.3% to 1.6

All comparisons are to 2022

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

For Week Ending May 6, 2023

Mortgage interest rates fell slightly following the Federal Reserve’s recent decision to raise its benchmark short-term interest rate by a quarter percentage point this month, its 10th interest rate hike since March 2022. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.39% the week ending 5/4/23, up from 5.27% a year ago. Many economists expect mortgage interest rates will continue to soften over the year due to cooling inflation.

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

• New Listings decreased 18.2% to 1,533
• Pending Sales decreased 23.4% to 1,096
• Inventory increased at 6,325

FOR THE MONTH OF MARCH:

• Median Sales Price remained flat at $355,000
• Days on Market increased 65.7% to 58
• Percent of Original List Price Received decreased 4.0% to 98.6%
• Months Supply of Homes For Sale increased 36.4% to 1.5

All comparisons are to 2022

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