Builder confidence continues to rise amid declining mortgage rates, climbing seven points to 44 in January, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). The latest reading marks the highest level of confidence since last summer, with builder sentiment up nine points from the same period last year. Mortgage rates have plunged more than one full percentage point since their peak of 7.79% in October, improving affordability and helping to bring some buyers back from the sidelines.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 27:

• New Listings increased 13.7% to 847
• Pending Sales increased 6.3% to 724
• Inventory increased 0.5% to 6,486

FOR THE MONTH OF DECEMBER:

• Median Sales Price increased 1.3% to $353,500
• Days on Market remained flat at 50
• Percent of Original List Price Received increased 0.4% to 96.7%
• Months Supply of Homes For Sale increased 20.0% to 1.8

All comparisons are to 2023

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