Weekly Market Report
Homebuyer preferences for smaller homes continue to influence builder behavior. According to the U.S. Census Bureau, the typical new single-family home under construction had a median floor area of 2,139 square feet in the first quarter of 2024. That’s down from the same period last year, when the typical new home had a median floor area of 2,256 square feet, and the lowest reading since 2009, according to the National Association of Home Builders.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 10:
- New Listings increased 4.3% to 1,485
- Pending Sales decreased 17.3% to 906
- Inventory increased 12.9% to 9,589
FOR THE MONTH OF JULY:
- Median Sales Price increased 2.7% to $385,000
- Days on Market increased 24.7% to 36
- Percent of Original List Price Received decreased 1.3% to 99.5%
- Months Supply of Homes For Sale increased 18.2% to 2.6
All comparisons are to 2023
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Inventory
Weekly Market Report
The average rate on a 30-year mortgage fell to 6.73% the week ending August 1, 2024, the lowest level since early February, according to Freddie Mac. As a result, mortgage applications increased 6.9% on a seasonally adjusted basis from the previous week, boosted by a surge in refinance applications, which jumped 16%, while purchase applications rose 1%, per the Mortgage Bankers Association’s Weekly Applications Survey.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 3:
- New Listings decreased 0.2% to 1,440
- Pending Sales decreased 0.4% to 1,052
- Inventory increased 12.8% to 9,511
FOR THE MONTH OF JUNE:
- Median Sales Price increased 1.8% to $390,000
- Days on Market increased 12.9% to 35
- Percent of Original List Price Received decreased 1.2% to 100.1%
- Months Supply of Homes For Sale increased 19.0% to 2.5
All comparisons are to 2023
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Inventory
Weekly Market Report
According to ATTOM’s Q2 2024 U.S. Home Affordability Report, median priced single-family homes and condos were less affordable compared to historical averages in 99% of counties nationwide in the second quarter of the year. With sales prices on the rise, major homeownership expenses now require 35.1% of the average national wage, up from 31.9% in the first quarter, and the highest level since 2007.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 27:
- New Listings increased 7.0% to 1,475
- Pending Sales decreased 11.6% to 959
- Inventory increased 11.7% to 9,383
FOR THE MONTH OF JUNE:
- Median Sales Price increased 1.8% to $390,000
- Days on Market increased 12.9% to 35
- Percent of Original List Price Received decreased 1.2% to 100.1%
- Months Supply of Homes For Sale increased 19.0% to 2.5
All comparisons are to 2023
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Inventory
Weekly Market Report
U.S. homeowners with a mortgage saw their equity increase 9.6% year-over-year in the first quarter of 2024, an average gain of $28,000 and the highest number since 2022, according to CoreLogic’s Homeowner Equity Insights report. At the state level, California saw the greatest equity gain at an average of $64,000 annually, followed by Massachusetts and New Jersey, at $61,000 and $59,000, respectively.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 13:
- New Listings increased 4.8% to 1,640
- Pending Sales decreased 15.4% to 909
- Inventory increased 10.3% to 8,905
FOR THE MONTH OF JUNE:
- Median Sales Price increased 1.8% to $390,000
- Days on Market increased 9.7% to 34
- Percent of Original List Price Received decreased 1.2% to 100.1%
- Months Supply of Homes For Sale increased 14.3% to 2.4
All comparisons are to 2023
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Inventory
Weekly Market Report
U.S. housing starts fell 5.5% month-over-month to a seasonally adjusted annual rate of 1,277,000, according to the U.S. Census Bureau. Privately-owned housing completions also declined, dropping 8.4% from the previous month to a seasonally adjusted annual rate of 1,514,000, as higher interest rates and ongoing labor and supply challenges continue to impact new home construction.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 6:
- New Listings decreased 23.2% to 894
- Pending Sales decreased 1.4% to 823
- Inventory increased 12.4% to 8,954
FOR THE MONTH OF JUNE:
- Median Sales Price increased 1.8% to $390,000
- Days on Market increased 9.7% to 34
- Percent of Original List Price Received decreased 1.2% to 100.1%
- Months Supply of Homes For Sale increased 14.3% to 2.4
All comparisons are to 2023
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
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