The national median mortgage payment remained unchanged at $2,205 in February, and was up 1.0%, or $21, compared to the same time last year, according to the Mortgage Bankers Association. For conventional loan applicants, the national median mortgage payment held steady at $2,226, while the national median mortgage payment for FHA loan applicants dipped to $1,907, down from $1,934 the previous month.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING APRIL 12:

• New Listings decreased 0.1% to 1,518
• Pending Sales increased 5.4% to 1,057
• Inventory increased 3.1% to 7,956

FOR THE MONTH OF MARCH:

• Median Sales Price increased 3.5% to $380,000
• Days on Market increased 7.3% to 59
• Percent of Original List Price Received increased 0.2% to 99.0%
• Months Supply of Homes For Sale increased 5.0% to 2.1

All comparisons are to 2024

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

Mortgage application volume increased 20% from one week earlier, according to the Mortgage Bankers Association, as a drop in rates caused a spike in demand. Purchase applications rose 9% from the previous week and were 24% higher than the same week a year ago, while refinance applications increased 35% from the previous week and were up 93% from the same week a year ago.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING APRIL 5:

• New Listings increased 8.4% to 1,534
• Pending Sales increased 18.7% to 1,043
• Inventory increased 4.0% to 7,788

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 6.1% to $380,000
• Days on Market increased 16.9% to 69
• Percent of Original List Price Received increased 0.2% to 97.7%
• Months Supply of Homes For Sale increased 5.3% to 2.0

All comparisons are to 2024

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

A family with a national median income of $97,800 needed 38% of their income to make the monthly mortgage payment on a median-priced new home ($419,200) in the fourth quarter of 2024, according to the latest NAHB / Wells Fargo Cost of Housing Index (CHI). For existing homes, a family needed to spend 37% of their income to afford the monthly payment on a median-priced home ($410,100).

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 29:

• New Listings increased 23.6% to 1,300
• Pending Sales increased 13.5% to 1,067
• Inventory increased 3.5% to 7,750

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 6.1% to $380,000
• Days on Market increased 16.9% to 69
• Percent of Original List Price Received increased 0.2% to 97.7%
• Months Supply of Homes For Sale increased 5.3% to 2.0

All comparisons are to 2024

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

The median age of U.S. homebuyers is now 56 years old, up from 49 in 2023, according to the National Association of Realtors®’ 2024 Profile of Home Buyers and Sellers. The median age of first-time buyers rose from 35 to 38 years old, while the typical repeat buyer age climbed from 58 to 61 years old. The median ages of all three groups reached record highs in 2024.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 22:

• New Listings increased 9.6% to 1,342
• Pending Sales increased 2.5% to 974
• Inventory increased 2.1% to 7,667

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 6.1% to $380,000
• Days on Market increased 16.9% to 69
• Percent of Original List Price Received increased 0.2% to 97.7%
• Months Supply of Homes For Sale increased 5.3% to 2.0

All comparisons are to 2024

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

The U.S. homeownership rate remain largely unchanged in the fourth quarter of 2024, ticking up 0.1% from the third quarter to 65.7%, according to a recent report from Realtor®.com. Homeownership rates remained between 65.6% and 65.7% last year, down from Q2 2020’s high of 67.9%, but higher than pre-pandemic years. The homeowner vacancy rate increased 0.1% from the previous quarter to 1.1%, while the rental vacancy rate remained the same, at 6.9%.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 15:

• New Listings increased 4.1% to 1,408
• Pending Sales decreased 1.1% to 927
• Inventory increased 1.3% to 7,487

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 6.1% to $380,000
• Days on Market increased 16.9% to 69
• Percent of Original List Price Received increased 0.2% to 97.7%
• Months Supply of Homes For Sale increased 5.3% to 2.0

All comparisons are to 2024

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

47.7% of mortgaged residential properties in the U.S. were considered equity rich—having a loan-to-value ratio of 50% or lower—in the fourth quarter of 2024, according to ATTOM’s Q4 U.S. Home Equity and Underwater Report. This is down from 48.3% in the third quarter, but up from 46.1% one year earlier. The highest levels of equity-rich mortgaged properties were in Vermont (86.7%), New Hampshire (61.4%), and Maine (61.1%).

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 8:

• New Listings increased 8.2% to 1,451
• Pending Sales decreased 5.1% to 866
• Inventory remained flat at 7,222

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 6.1% to $380,000
• Days on Market increased 16.9% to 69
• Percent of Original List Price Received increased 0.2% to 97.7%
• Months Supply of Homes For Sale increased 5.3% to 2.0

All comparisons are to 2024

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

U.S. pending home sales slipped 4.6% month-over-month and 5.2% year-over-year, according to the National Association of Realtors®. Economists polled by Reuters had forecast contract signings falling 1.3% for the month. Pending sales decreased on a monthly basis in the Midwest, South, and West but increased slightly in the Northeast, with sales down in all four regions year-over-year.

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

• New Listings increased 4.1% to 1,277
• Pending Sales decreased 0.7% to 845
• Inventory decreased 0.9% to 7,094

FOR THE MONTH OF JANUARY:

• Median Sales Price increased 5.0% to $370,000
• Days on Market increased 17.9% to 66
• Percent of Original List Price Received increased 0.3% to 96.9%
• Months Supply of Homes For Sale remained flat at 1.9

All comparisons are to 2024

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

U.S. housing starts decreased 9.8% month-over-month to a seasonally adjusted annual rate of 1,366,000 units, according to the U.S. Census Bureau, following a larger-than-expected increase the previous month. Single-family starts fell 8.4% to a seasonally adjusted annual rate of 993,000 units, the first drop since October, while multi family starts slipped 11% to 355,000 units on a seasonally adjusted annual basis.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 22:

• New Listings decreased 5.5% to 1,114
• Pending Sales decreased 5.7% to 771
• Inventory increased 0.3% to 7,049

FOR THE MONTH OF JANUARY:

• Median Sales Price increased 5.0% to $370,000
• Days on Market increased 17.9% to 66
• Percent of Original List Price Received increased 0.3% to 96.9%
• Months Supply of Homes For Sale remained flat at 1.9

All comparisons are to 2024

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