The Federal Housing Finance Agency recently announced the conforming loan limits for one-unit properties with mortgages acquired by Fannie Mar and Freddie Mac will be $806,500 in 2025, an increase of $39,950 (5.2%) from 2024’s ceiling of $766,550. However, in high-cost areas where 115% of the local median home value exceeds the baseline conforming loan limit value, the new loan limit for one-unit properties will be $1,209,750.

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

• New Listings increased 13.6% to 845
• Pending Sales increased 8.9% to 701
• Inventory increased 3.6% to 8,578

FOR THE MONTH OF NOVEMBER:

• Median Sales Price increased 3.4% to $375,000
• Days on Market increased 25.0% to 50
• Percent of Original List Price Received increased 0.2% to 97.6%
• Months Supply of Homes For Sale remained flat at 2.3

All comparisons are to 2023

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

The majority of new single-family housing starts in 2023 were built on slab foundations, according to the National Association of Home Builders’ analysis of the Survey of Construction (SOC), with 72.4% of new homes built on slabs last year, compared to 45.8% in 2000. 16.6% of new homes were built with full or partial basements in 2023, down from 19.6% in 2022.

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

• New Listings decreased 34.4% to 515
• Pending Sales decreased 10.7% to 592
• Inventory increased 5.5% to 9,043

FOR THE MONTH OF OCTOBER:

• Median Sales Price increased 4.2% to $380,500
• Days on Market increased 21.6% to 45
• Percent of Original List Price Received decreased 0.7% to 97.8%
• Months Supply of Homes For Sale increased 8.0% to 2.7

All comparisons are to 2023

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

U.S. homeowners with a mortgage have seen their equity increase by a total of $1.3 trillion since the second quarter of 2023, an 8% increase year-over-year, according to CoreLogic’s Q2 2024 Homeowner Equity Insights report. In that time, the average homeowner gained approximately $25,000 in equity, with Maine, California, and New Jersey homeowners seeing the largest average equity gains in the nation.

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

• New Listings increased 69.2% to 856
• Pending Sales increased 43.6% to 771
• Inventory increased 6.5% to 9,414

FOR THE MONTH OF OCTOBER:

• Median Sales Price increased 4.1% to $380,000
• Days on Market increased 21.6% to 45
• Percent of Original List Price Received decreased 0.7% to 97.8%
• Months Supply of Homes For Sale increased 8.0% to 2.7

All comparisons are to 2023

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