Lauren Novak

For Week Ending July 22, 2023

Home prices hit a new high in May, rising a seasonally adjusted 0.7% month-overmonth, according to the latest Black Knight Home Price Index (HPI), marking the fifth consecutive monthly price increase. The report found that 27 of the 50 largest markets have seen prices return to or exceed their 2022 peaks, with many of those markets located in the Midwest and Northeast, although price gains remain weaker in the West and in areas that saw significant price gains during the pandemic.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 22:

• New Listings decreased 17.1% to 1,369
• Pending Sales decreased 13.2% to 1,017
• Inventory decreased 14.4% to 7,892

FOR THE MONTH OF JUNE:

• Median Sales Price increased 0.5% to $382,000
• Days on Market increased 47.6% to 31
• Percent of Original List Price Received decreased 1.9% to 101.3%
• Months Supply of Homes For Sale increased 17.6% to 2.0

All comparisons are to 2022

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

For Week Ending July 8, 2023

Rental prices are beginning to decline, with rents for 0-2 bedroom properties dropping 0.5% year-over-year to $1,739 per month among the 50 largest metropolitan areas, according to Realtor.com’s most recent Monthly Rental Report, marking the first annual decline since 2020, when trend data began. Despite the nationwide decline, rents continue to rise in more affordable areas such as the Midwest and the Northeast, where demand has remained especially strong due to robust job markets and limited rental inventory.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 8:

• New Listings decreased 25.0% to 1,137
• Pending Sales decreased 12.1% to 834
• Inventory decreased 12.4% to 7,547

FOR THE MONTH OF MAY:

• Median Sales Price decreased 1.3% to $370,000
• Days on Market increased 65.2% to 38
• Percent of Original List Price Received decreased 2.9% to 101.1%
• Months Supply of Homes For Sale increased 35.7% to 1.9

All comparisons are to 2022

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

For Week Ending July 1, 2023

Buyers everywhere are feeling the crunch when home shopping this year, but middle-income households—those earning up to $75,000 per year—are perhaps experiencing the strongest competition overall due to a shortage of homes in their price range. The National Association of REALTORS® reports the market is currently short approximately 320,000 listings priced up to $256,000, which is considered the affordability range for middle-income buyers. As a result, these buyers can afford to purchase just 23% of all listings nationwide, a stark contrast to just 5 years earlier, when the same group could afford half of all homes on the market.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 1:

• New Listings decreased 18.0% to 1,185
• Pending Sales decreased 6.8% to 1,187
• Inventory decreased 12.0% to 7,670

FOR THE MONTH OF MAY:

• Median Sales Price decreased 1.3% to $370,000
• Days on Market increased 65.2% to 38
• Percent of Original List Price Received decreased 2.9% to 101.1%
• Months Supply of Homes For Sale increased 35.7% to 1.9

All comparisons are to 2022

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

For Week Ending June 24, 2023

According to the latest data from the Census Bureau, the U.S. median square footage of single-family homes under construction rose slightly to 2,261 square feet in Q1 2023, up from 2,207 square feet in Q4 2022, but down from 2,310 square feet in Q1 2022. New home sizes decreased steadily last year, reversing the trend seen in 2021, when home sizes increased due to historically low interest rates and buyers spending more time at home during the pandemic.

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

• New Listings decreased 20.9% to 1,492
• Pending Sales decreased 11.3% to 1,113
• Inventory decreased 9.7% to 7,660

FOR THE MONTH OF MAY:

• Median Sales Price decreased 1.3% to $370,000
• Days on Market increased 65.2% to 38
• Percent of Original List Price Received decreased 2.9% to 101.1%
• Months Supply of Homes For Sale increased 35.7% to 1.9

All comparisons are to 2022

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

For Week Ending June 17, 2023

The number of homes available for sale increased 20.8% annually in May, according to Realtor.com’s Monthly Housing Market Trends Report, driven largely by gains in the South, where inventory rose 54.4% year-over-year. Housing supply has continued to fluctuate across the U.S. amid higher interest rates, with more affordable metropolitan areas, such as those in the South and Midwest, seeing inventory growth year-over-year, while more expensive metro areas, such as those in the West and Northeast, have seen inventory decrease.

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

• New Listings decreased 17.3% to 1,547
• Pending Sales decreased 17.2% to 1,153
• Inventory decreased 9.9% to 7,379

FOR THE MONTH OF MAY:

• Median Sales Price decreased 1.3% to $370,000
• Days on Market increased 65.2% to 38
• Percent of Original List Price Received decreased 2.9% to 101.1%
• Months Supply of Homes For Sale increased 28.6% to 1.8

All comparisons are to 2022

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