Mortgage applications for new home purchases increased 2% month-over-month and 5.3% year-over-year, according to the Mortgage Bankers Association (MBA) Builder Application Survey, marking the second straight month of annual gains and the highest level of new home applications in the survey’s history. Meanwhile, the average loan amount for new homes decreased from $381,921 to $376,992.

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

• New Listings decreased 2.8% to 1,467
• Pending Sales decreased 5.5% to 925
• Inventory increased 6.4% to 9,454

FOR THE MONTH OF APRIL:

• Median Sales Price increased 3.7% to $399,900
• Days on Market increased 6.5% to 49
• Percent of Original List Price Received decreased 0.2% to 99.7%
• Months Supply of Homes For Sale increased 4.5% to 2.3

All comparisons are to 2024

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

According to Realtor®.com, 18% of listings had a price reduction in April, up from 15.5% one year earlier, and the highest share for April going back to 2016. Among major metropolitan areas, Phoenix, AZ, had the highest share of listings with price cuts, at 31.3%, followed by Tampa, FL and Jacksonville, FL, at 29.3% and 27.6%, respectively.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 24:

• New Listings increased 5.2% to 1,412
• Pending Sales increased 0.8% to 1,153
• Inventory increased 6.6% to 9,442

FOR THE MONTH OF APRIL:

• Median Sales Price increased 3.7% to $399,900
• Days on Market increased 6.5% to 49
• Percent of Original List Price Received decreased 0.2% to 99.7%
• Months Supply of Homes For Sale increased 4.5% to 2.3

All comparisons are to 2024

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

There were 30.6% more homes actively for sale in April compared to the same time last year, according to Realtor®.com’s latest Monthly Housing Market Trends Report, marking the 18th consecutive month of annual growth and a new post-pandemic high. Although buyers may have additional options in their home search, supply remains 16.3% lower than typical 2017-2019 levels.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 17:

• New Listings increased 0.7% to 1,711
• Pending Sales decreased 0.3% to 1,035
• Inventory increased 4.6% to 9,080

FOR THE MONTH OF APRIL:

• Median Sales Price increased 3.7% to $399,900
• Days on Market increased 6.5% to 49
• Percent of Original List Price Received decreased 0.2% to 99.7%
• Months Supply of Homes For Sale increased 4.5% to 2.3

All comparisons are to 2024

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