Lauren Novak

For Week Ending June 4, 2022

The slowdown in the U.S. housing market is causing lumber prices to plummet. Nationally, lumber prices fell 12% the week ending June 3 and are down 47% year-to-date, representing a 65% decline from 2021’s record high of $1,733 per thousand board feet, according to the National Association of Home Builders (NAHB). That could be good news for prospective homebuyers, who have watched lumber prices skyrocket during the pandemic, adding more than $18,600 to the average price of a new single-family home in the past year.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JUNE 4:

• New Listings decreased 2.1% to 1,772
• Pending Sales decreased 13.7% to 1,077
• Inventory increased 7.9% to 6,968

FOR THE MONTH OF APRIL:

• Median Sales Price increased 10.0% to $370,000
• Days on Market decreased 9.7% to 28
• Percent of Original List Price Received increased 0.5% to 103.8%
• Months Supply of Homes For Sale increased 9.1% to 1.2

All comparisons are to 2021

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

For Week Ending May 28, 2022

Nationally, home sales and contract signings continue to soften compared to last year’s pace, while sellers are working quickly to list their homes and cash in on the remaining buyer demand. Realtor.com reports new listings are growing nearly twice as fast nationwide in May compared to this time a year ago, leading to a greater availability of homes for sale. As inventory inches upward and competition eases, sellers are having to adjust to the shifting landscape, with an increase in price reductions reported across many markets.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 28:

• New Listings increased 0.1% at 1,608
• Pending Sales decreased 15.4% to 1,451
• Inventory increased 4.6% to 6,772

FOR THE MONTH OF APRIL:

• Median Sales Price increased 10.0% to $370,000
• Days on Market decreased 9.7% to 28
• Percent of Original List Price Received increased 0.5% to 103.8%
• Months Supply of Homes For Sale remained flat at 1.1

All comparisons are to 2021

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

For Week Ending May 21, 2022

Rental prices continue to soar to new highs, with the median rent reaching $1,827 as of last measure, a 16.7% increase from the same time last year, according to Realtor.com. Rental units are in short supply and demand remains high, with real estate professionals reporting a surge in rental inquiries, applications, and showing activity across the nation. Bidding wars are becoming increasingly common in many rental home markets, causing some properties to rent for substantially over asking price.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 21:

• New Listings increased 3.4% to 2,008
• Pending Sales decreased 8.7% to 1,490
• Inventory increased 2.9% to 6,626

FOR THE MONTH OF APRIL:

• Median Sales Price increased 10.0% to $370,000
• Days on Market decreased 9.7% to 28
• Percent of Original List Price Received increased 0.5% to 103.8%
• Months Supply of Homes For Sale remained flat at 1.1

All comparisons are to 2021

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

For Week Ending May 14, 2022

With home prices and mortgage rates continuing to rise, down payments are increasing nationwide, as buyers aim to lower their monthly mortgage costs and make their offer more attractive to sellers. According to Realtor.com, buyers averaged a $28,000 down payment in the first quarter of 2022, averaging 13.1% of the purchase price, compared to the first quarter of 2020, when down payments averaged $14,000, with buyers paying about 11% of the purchase price.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 14:

• New Listings decreased 6.2% to 1,875
• Pending Sales decreased 19.3% to 1,280
• Inventory decreased 2.9% to 6,152

FOR THE MONTH OF APRIL:

• Median Sales Price increased 10.0% to $370,000
• Days on Market decreased 9.7% to 28
• Percent of Original List Price Received increased 0.5% to 103.8%
• Months Supply of Homes For Sale remained flat at 1.1

All comparisons are to 2021

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

For Week Ending May 7, 2022

Demand for adjustable-rate mortgages (ARMs) is rising, as buyers look to mitigate higher monthly payments caused by record-high sales prices and surging mortgage interest rates. Although less popular than fixed rate mortgages, ARMs offer introductory rates lower than rates from conventional mortgages and currently represent 11% of mortgage loans, up from 3% at the beginning of the year, according to the Mortgage Bankers Association.

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

• New Listings decreased 5.7% to 1,808
• Pending Sales decreased 11.6% to 1,406
• Inventory decreased 5.2% to 5,811

FOR THE MONTH OF APRIL:

• Median Sales Price increased 10.0% to $370,000
• Days on Market decreased 9.7% to 28
• Percent of Original List Price Received increased 0.5% to 103.8%
• Months Supply of Homes For Sale remained flat at 1.1

All comparisons are to 2021

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