Monday, April 1st, 2024
For Week Ending March 23, 2024
Housing inventory continues to improve nationwide, climbing 14.8% year-over-year according to Realtor.com’s February 2024 Monthly Housing Market Trends Report. New listings increased 11.3% year-over-year, while the total number of unsold homes rose 8.8% compared to the same period last year. Of particular note was the rise in inventory of homes in the $200,000 to $350,000 price range, which grew 20.6% annually, outpacing all other price categories.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 23:
- New Listings increased 8.8% to 1,170
- Pending Sales increased 11.3% to 939
- Inventory increased 13.3% to 7,067
FOR THE MONTH OF FEBRUARY:
- Median Sales Price increased 4.6% to $358,000
- Days on Market decreased 3.3% to 59
- Percent of Original List Price Received increased 0.3% to 97.5%
- Months Supply of Homes For Sale increased 28.6% to 1.8
All comparisons are to 2023
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Posted in Inventory
Thursday, March 28th, 2024
March 28, 2024
Mortgage rates moved slightly lower this week, providing a bit more room in the budgets of some prospective homebuyers. Additionally, encouraging data out on existing home sales reflects improving inventory. Regardless, rates remain elevated near seven percent as markets watch for signs of cooling inflation, hoping that rates will come down further.
Information provided by Freddie Mac.
Posted in Interest Rates
Monday, March 25th, 2024
For Week Ending March 16, 2024
The U.S. homeownership rate declined in the fourth quarter of 2023, sliding 0.3% from the third quarter to 65.7% at year’s end, according to the Census Bureau’s Housing Vacancy Survey, as higher interest rates and a limited supply of inventory put homeownership out of reach for some buyers. The latest reading fell short of the 25-year average rate of 66.4%, with the less than 35 age group experiencing the largest quarterly decline in homeownership rate, at 0.6%.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 16:
- New Listings increased 25.7% to 1,310
- Pending Sales increased 11.8% to 935
- Inventory increased 13.3% to 6,989
FOR THE MONTH OF FEBRUARY:
- Median Sales Price increased 4.6% to $358,000
- Days on Market decreased 3.3% to 59
- Percent of Original List Price Received increased 0.3% to 97.5%
- Months Supply of Homes For Sale increased 28.6% to 1.8
All comparisons are to 2023
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Posted in Inventory
Thursday, March 21st, 2024
March 21, 2024
After decreasing for a couple of weeks, mortgage rates are once again on the upswing. As the spring homebuying season gets underway, existing home inventory has increased slightly and new home construction has picked up. Despite elevated rates, homebuilders are displaying renewed confidence in the housing market, focusing on the fact that there is a good amount of pent-up demand, an ongoing supply shortage and expectations that the Federal Reserve will cut rates later in the year.
Information provided by Freddie Mac.
Posted in Interest Rates
