Real Estate News

For Week Ending July 30, 2022

As housing supply continues to increase across the country, prospective buyers’ housing expectations are on the rise as well, with the National Association of Home Builders (NAHB) reporting the share of prospective buyers expecting their home search to be easier in the coming months climbed to 22% in the second quarter, up from 17% in the first quarter. The NAHB attributes the improved outlook among buyers to increases in inventory and a decline in buyer competition.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 30:

New Listings decreased 24.5% to 1,443
Pending Sales decreased 22.4% to 1,171
Inventory increased 10.3% to 8,830

FOR THE MONTH OF JUNE:

Median Sales Price increased 8.6% to $380,000
Days on Market increased 5.0% to 21
Percent of Original List Price Received decreased 0.8% to 103.3%
Months Supply of Homes For Sale increased 23.1% to 1.6

All comparisons are to 2021

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

August 4, 2022
Mortgage rates remained volatile due to the tug of war between inflationary pressures and a clear slowdown in economic growth. The high uncertainty surrounding inflation and other factors will likely cause rates to remain variable, especially as the Federal Reserve attempts to navigate the current economic environment.

Information provided by Freddie Mac.

For Week Ending July 23, 2022

Mortgage applications declined for the fourth straight week, falling 1.8 percent from the previous week and marking the lowest level of activity since February 2000, according to the Mortgage Bankers Association. Increasing mortgage rates, escalating sales prices, and decades-high inflation continue to hinder affordability, putting homeownership on hold for many prospective buyers.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 23:

New Listings decreased 13.5% to 1,607
Pending Sales decreased 25.1% to 1,142
Inventory increased 9.7% to 8,729

FOR THE MONTH OF JUNE:

Median Sales Price increased 8.6% to $380,000
Days on Market increased 5.0% to 21
Percent of Original List Price Received decreased 0.8% to 103.3%
Months Supply of Homes For Sale increased 23.1% to 1.6

All comparisons are to 2021

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

July 28, 2022
Purchase demand continues to tumble as the cumulative impact of higher rates, elevated home prices, increased recession risk, and declining consumer confidence take a toll on homebuyers. It’s clear that over the past two years, the combination of the pandemic, record low mortgage rates, and the opportunity to work remotely spurred greater demand. Now, as the market adjusts to a higher rate environment, we are seeing a period of deflated sales activity until the market normalizes.

Information provided by Freddie Mac.

For Week Ending July 16, 2022

Increasing homeownership costs have led many prospective homebuyers to continue renting, adding additional pressure to an already highly competitive rental market. Rental vacancy rates have remained below 6% since Q3 2021, a 3-decade low, the U.S. Census Bureau reports. As demand continues to outpace supply, rents on new leases have surged 14.1% this year through June, according to Apartment List, a huge leap from the typical 2% – 3% annual rent increases before the pandemic.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 16:

New Listings decreased 11.5% to 1,750
Pending Sales decreased 24.8% to 1,097
Inventory increased 10.1% to 8,441

FOR THE MONTH OF JUNE:

Median Sales Price increased 8.6% to $380,000
Days on Market increased 5.0% to 21
Percent of Original List Price Received decreased 0.8% to 103.3%
Months Supply of Homes For Sale increased 23.1% to 1.6

All comparisons are to 2021

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

As existing home sales continue to soften nationwide, housing supply is slowly improving, with inventory up for the second straight month.