Ruth Whitney Bowe

Weekly Market Report

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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.

Mortgage Rates Move Up Modestly

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June 29, 2023
Mortgage rates have hovered in the six to seven percent range for over six months and, despite affordability headwinds, homebuyers have adjusted and driven new home sales to its highest level in more than a year. New home sales have rebounded more robustly than the resale market due to a marginally greater supply of new construction. The improved demand has led to a firming of prices, which have now increased for several months in a row.

Information provided by Freddie Mac.

Weekly Market Report

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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.

Mortgage Rates Continue to Slide Down

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June 22, 2023
Mortgage rates slid down again this week but remain elevated compared to this time last year. Potential homebuyers have been watching rates closely and are waiting to come off the sidelines. However, inventory challenges persist as the number of existing homes for sale remains very low. Though, a recent rebound in single-family housing starts is an encouraging development that will hopefully extend through the summer.

Information provided by Freddie Mac.

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