Elevated mortgage rates continue to take a toll on the construction industry, with housing permits for new homes falling 11.2% in November, according to the Commerce Department. Housing starts were down 0.5% over the same time period, with the annual rate of housing starts down 16.4% from the previous year. Overall construction was strongest in the West and the South, while single-family construction was strongest in the West and Northeast.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 24:
- New Listings decreased 5.6% to 303
- Pending Sales decreased 20.8% to 449
- Inventory increased 18.8% to 6,881
FOR THE MONTH OF NOVEMBER:
- Median Sales Price increased 4.1% to $354,000
- Days on Market increased 33.3% to 40
- Percent of Original List Price Received decreased 2.6% to 97.2%
- Months Supply of Homes For Sale increased 50.0% to 1.8
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.