For Week Ending July 31, 2021

The percentage of first-time home buyers fell to 31% in June, the lowest level in more than 3 decades, according to the National Association of REALTORS®. Cash offers, bidding wars, and soaring home prices are making it increasingly difficult for first-time buyers to compete in a market with record low inventory and declining housing affordability, even as 30-year mortgage rates dropped below 3 percent for the first time since February.

In the Twin Cities region, for the week ending July 31:

• New Listings decreased 1.6% to 1,832
• Pending Sales decreased 10.4% to 1,476
• Inventory decreased 25.9% to 7,427

For the month of June:

• Median Sales Price increased 14.8% to $350,000
• Days on Market decreased 52.4% to 20
• Percent of Original List Price Received increased 4.5% to 104.1%
• Months Supply of Homes For Sale decreased 42.9% to 1.2

All comparisons are to 2020

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

For Week Ending July 24, 2021

Sales of new construction single-family homes fell to a 14-month low, dropping 6.6% in June compared to May, according to the Commerce Department, although sales of new homes remain 13.5% higher compared to a year ago. The recent decline in sales can be attributed to rising construction costs and building material prices, with these increases then passed on to consumers, and to labor and supply chain challenges, which have extended homebuilding timelines, frustrating buyers and further aggravating America’s housing shortage.

In the Twin Cities region, for the week ending July 24:

• New Listings decreased 3.3% to 1,786
• Pending Sales decreased 4.6% to 1,481
• Inventory decreased 25.9% to 7,400

For the month of June:

• Median Sales Price increased 14.8% to $350,000
• Days on Market decreased 52.4% to 20
• Percent of Original List Price Received increased 4.5% to 104.1%
• Months Supply of Homes For Sale decreased 42.9% to 1.2

All comparisons are to 2020

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

For Week Ending July 17, 2021

Cash buyers continue to make up a significant portion of the U.S. housing market, with nearly one-third of home sales this year being all-cash purchases. Although investors make up a considerable number of cash sales transactions, the increasing availability of remote work during the pandemic has allowed some homeowners to sell their homes in pricey markets and relocate to less-expensive locales, where they’re able to pay cash for a new home, giving them an edge in a highly competitive market.

In the Twin Cities region, for the week ending July 17:

• New Listings increased 3.1% to 1,909
• Pending Sales decreased 12.0% to 1,422
• Inventory decreased 29.0% to 7,106

For the month of June:

• Median Sales Price increased 14.8% to $350,000
• Days on Market decreased 52.4% to 20
• Percent of Original List Price Received increased 4.5% to 104.1%
• Months Supply of Homes For Sale decreased 42.9% to 1.2

All comparisons are to 2020

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

For Week Ending July 10, 2021

As sales prices surge, housing affordability continues to decline, despite historically low interest rates. According to the National Association of REALTORS® Housing Affordability Index, the median family income increased by only 1.2% in May, while the monthly mortgage payment rose to $1,204, a 20% gain compared to a year ago. Homeowners are allocating more of their income toward their mortgage, putting additional strain on consumers’ pocketbooks amid rising inflation, as the Consumer Price Index jumped 5.4% in the year through June, according to the Labor Department, the largest year-over-year gain since August 2008.

In the Twin Cities region, for the week ending July 10:

• New Listings decreased 7.8% to 1,751
• Pending Sales decreased 30.1% to 1,103
• Inventory decreased 32.6% to 6,709

For the month of June:

• Median Sales Price increased 14.8% to $350,000
• Days on Market decreased 52.4% to 20
• Percent of Original List Price Received increased 4.5% to 104.1%
• Months Supply of Homes For Sale decreased 42.9% to 1.2

All comparisons are to 2020

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

For Week Ending July 3, 2021

Mortgage applications decreased 1.8% last week, falling to the lowest level since January 2020, according to the Mortgage Bankers Association’s seasonally adjusted index, with declines noted in both refinance and purchase applications. Rising home prices and low inventory are responsible for the decline, even as mortgage rates remain low, causing experts to speculate whether the roaring housing market is finally cooling down.

In the Twin Cities region, for the week ending July 3:

• New Listings decreased 1.9% to 1,343
• Pending Sales increased 4.3% to 1,610
• Inventory decreased 33.5% to 6,906

For the month of April:

• Median Sales Price increased 16.6% to $344,000
• Days on Market decreased 41.5% to 24
• Percent of Original List Price Received increased 4.4% to 104.0%
• Months Supply of Homes For Sale decreased 50.0% to 1.1

All comparisons are to 2020

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