In a rare shift for the U.S. housing market, new homes have become more affordable than existing homes. According to the U.S. Census Bureau, the median sales price of a new home was $403,800 in July, compared to $422,400 for an existing home. New-home prices have declined year-over-year for eight consecutive quarters, while existing-home prices have continued to rise.

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

• New Listings increased 7.4% to 1,570
• Pending Sales increased 5.2% to 892
• Inventory increased 0.5% to 10,517

FOR THE MONTH OF AUGUST:

• Median Sales Price increased 2.8% to $400,000
• Days on Market increased 5.0% to 42
• Percent of Original List Price Received remained flat at 98.7%
• Months Supply of Homes For Sale decreased 3.6% to 2.7/li>

All comparisons are to 2024

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

U.S. housing starts rose to a five-month high, climbing 5.2% month-over-month and 12.9% year-over-year to a seasonally adjusted annual rate of 1,428,000 units, according to the U.S. Census Bureau. The gain was driven primarily by multi-family starts, which surged 11.6% from the previous month to 470,000 units, while single family starts increased 2.8% to 939,000 units.

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

• New Listings increased 8.2% to 1,574
• Pending Sales increased 6.5% to 825
• Inventory increased 1.4% to 10,325

FOR THE MONTH OF AUGUST:

• Median Sales Price increased 2.8% to $399,999
• Days on Market increased 5.0% to 42
• Percent of Original List Price Received remained flat at 98.7%
• Months Supply of Homes For Sale decreased 3.6% to 2.7/li>

All comparisons are to 2024

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