Lauren Novak

For Week Ending October 1, 2022

U.S. home prices are falling at the fastest rate since January 2009, according to recent data from Black Knight, as shifting market conditions have led many sellers to lower their asking price. Nationally, median home prices fell by 0.98% from July to August, marking the second consecutive month prices have declined. Although home prices are down 2% from their peak in June, they remain up 12.1 % compared to the same period last year.

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

• New Listings decreased 20.0% to 1,271
• Pending Sales decreased 36.5% to 895
• Inventory decreased 0.8% to 8,934

FOR THE MONTH OF AUGUST:

• Median Sales Price increased 5.7% to $369,900
• Days on Market increased 22.7% to 27
• Percent of Original List Price Received decreased 2.4% to 99.9%
• Months Supply of Homes For Sale increased 20.0% to 1.8

All comparisons are to 2021

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

For Week Ending September 24, 2022

Lumber prices plunged to their lowest level in more than two years following the Federal Reserve’s 75-basis-point rate hike last week, as soaring mortgage interest rates and the slowdown in the US housing market have caused lumber demand to cool rapidly this year. The Wall Street Journal reports lumber futures are down about one-third from a year ago and have fallen more than 70% from this year’s peak in March.

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

• New Listings decreased 20.2% to 1,273
• Pending Sales decreased 29.4% to 983
• Inventory increased 0.4% to 9,039

FOR THE MONTH OF AUGUST:

• Median Sales Price increased 5.7% to $369,900
• Days on Market increased 22.7% to 27
• Percent of Original List Price Received decreased 2.4% to 99.9%
• Months Supply of Homes For Sale increased 20.0% to 1.8

All comparisons are to 2021

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

For Week Ending September 17, 2022

Mortgage rates topped 6% the week ending 9/15, as hotter-than-expected inflation helped push rates to their highest level since 2008 amid growing recession concerns. According to Freddie Mac, mortgage rates are now double what they were this time last year, squeezing homebuyer budgets and causing home sales to slow under the weight of rising borrowing costs.

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

• New Listings decreased 20.5% to 1,424
• Pending Sales decreased 31.3% to 908
• Inventory increased 1.3% to 8,962

FOR THE MONTH OF AUGUST:

• Median Sales Price increased 5.7% to $369,900
• Days on Market increased 22.7% to 27
• Percent of Original List Price Received decreased 2.4% to 99.9%
• Months Supply of Homes For Sale increased 20.0% to 1.8

All comparisons are to 2021

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

For Week Ending August 20, 2022

Rents continue to soar to new highs amid low vacancy rates, with the median rent hitting $1,879 in the 50 largest U.S. metropolitan areas in July, a 12.3% increase from the same time last year, according to a recent report from Realtor.com. Although rents remain elevated, rent growth appears to be slowing, having increased only $3 from June to July, with tenants in urban areas typically seeing higher rent hikes compared to those in the suburbs.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 20:

• New Listings decreased 27.3% to 1,326
• Pending Sales decreased 23.5% to 1,138
• Inventory increased 5.1% to 8,953

FOR THE MONTH OF JULY:

• Median Sales Price increased 7.1% to $375,000
• Days on Market increased 15.8% to 22
• Percent of Original List Price Received decreased 2.0% to 101.5%
• Months Supply of Homes For Sale increased 20.0% to 1.8

All comparisons are to 2021

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