For Week Ending January 28, 2023

U.S. housing starts declined in 2022, as homebuilders scaled back production due to high construction costs, affordability challenges, and a pullback in buyer demand. According to the U.S. Census Bureau, 1.55 million homes were started last year, a 3% drop from the previous year, and the first annual decline since 2009. However, housing completions increased, with 1.39 million homes completed in 2022, a 3.8% increase from the previous year, when 1.34 million homes were completed.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 28:

• New Listings decreased 17.5% to 724
• Pending Sales decreased 17.8% to 676
• Inventory increased 20.4% to 5,957

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

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

For Week Ending January 21, 2023

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

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

For Week Ending January 14, 2023

Despite softening home prices, housing affordability continued to decline nationwide in Q4 2022 due in part to elevated interest rates. According to ATTOM’s Q4 2022 U.S. Home Affordability Report, median priced single-family homes and condos were less affordable compared to historical averages in 99% of counties nationwide, an increase from Q4 2021, when 68% of counties were less affordable. The portion of wages needed for homeownership costs also increased, with homeownership costs now requiring 32.3% of the average national wage, a 15-year high.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 14:

• New Listings decreased 5.6% to 772
• Pending Sales decreased 25.6% to 549
• Inventory increased 21.3% to 6,111

FOR THE MONTH OF DECEMBER:

• Median Sales Price increased 4.9% to $347,900
• 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

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

For Week Ending January 7, 2023

Fannie Mae recently announced changes to its automated underwriting system intended to simplify the loan process and help create more homeownership opportunities for underserved borrowers lacking an established credit history. The changes include updating eligibility criteria for loans where borrowers do not have a credit score, using borrowers’ bank statements to determine cash flow and balance trends, and providing an automated option for lenders to document nontraditional credit sources.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 7:

• New Listings decreased 5.3% to 808
• Pending Sales decreased 30.5% to 386
• Inventory increased 18.4% to 5,999

FOR THE MONTH OF NOVEMBER:

• Median Sales Price increased 4.4% to $354,900
• Days on Market increased 33.3% to 40
• Percent of Original List Price Received decreased 2.6% to 97.2%
• Months Supply of Homes For Sale increased 50.0% to 1.8

All comparisons are to 2022

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

For Week Ending December 31, 2022

Rental prices are rising at the slowest pace in 19 months, with rents up 3.4% nationally as of last measure, marking the 10th consecutive month of slowing rent growth, according to Realtor.com’s recent Rental Report. Among the 50 largest metropolitan markets, the median asking rent declined $22 month-to-month to $1,712 and was down $69 from July 2022’s peak of $1,781. Rents in Sun Belt markets slowed at a faster rate than rents in the Midwest and in big metros such as Boston, Chicago, and New York, which have seen stronger rental growth this year.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 31:

• New Listings decreased 22.7% to 331
• Pending Sales decreased 29.0% to 409
• Inventory increased 20.2% to 6,582

FOR THE MONTH OF NOVEMBER:

• Median Sales Price increased 4.4% to $354,900
• Days on Market increased 33.3% to 40
• Percent of Original List Price Received decreased 2.6% to 97.2%
• Months Supply of Homes For Sale increased 50.0% to 1.8

All comparisons are to 2021

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