The Federal Housing Finance Agency recently announced the conforming loan limits for one-unit properties with mortgages acquired by Fannie Mar and Freddie Mac will be $806,500 in 2025, an increase of $39,950 (5.2%) from 2024’s ceiling of $766,550. However, in high-cost areas where 115% of the local median home value exceeds the baseline conforming loan limit value, the new loan limit for one-unit properties will be $1,209,750.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 7:

• New Listings increased 13.6% to 845
• Pending Sales increased 8.9% to 701
• Inventory increased 3.6% to 8,578

FOR THE MONTH OF NOVEMBER:

• Median Sales Price increased 3.4% to $375,000
• Days on Market increased 25.0% to 50
• Percent of Original List Price Received increased 0.2% to 97.6%
• Months Supply of Homes For Sale remained flat at 2.3

All comparisons are to 2023

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

The majority of new single-family housing starts in 2023 were built on slab foundations, according to the National Association of Home Builders’ analysis of the Survey of Construction (SOC), with 72.4% of new homes built on slabs last year, compared to 45.8% in 2000. 16.6% of new homes were built with full or partial basements in 2023, down from 19.6% in 2022.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING NOVEMBER 30:

• New Listings decreased 34.4% to 515
• Pending Sales decreased 10.7% to 592
• Inventory increased 5.5% to 9,043

FOR THE MONTH OF OCTOBER:

• Median Sales Price increased 4.2% to $380,500
• Days on Market increased 21.6% to 45
• Percent of Original List Price Received decreased 0.7% to 97.8%
• Months Supply of Homes For Sale increased 8.0% to 2.7

All comparisons are to 2023

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

U.S. homeowners with a mortgage have seen their equity increase by a total of $1.3 trillion since the second quarter of 2023, an 8% increase year-over-year, according to CoreLogic’s Q2 2024 Homeowner Equity Insights report. In that time, the average homeowner gained approximately $25,000 in equity, with Maine, California, and New Jersey homeowners seeing the largest average equity gains in the nation.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING NOVEMBER 23:

• New Listings increased 69.2% to 856
• Pending Sales increased 43.6% to 771
• Inventory increased 6.5% to 9,414

FOR THE MONTH OF OCTOBER:

• Median Sales Price increased 4.1% to $380,000
• Days on Market increased 21.6% to 45
• Percent of Original List Price Received decreased 0.7% to 97.8%
• Months Supply of Homes For Sale increased 8.0% to 2.7

All comparisons are to 2023

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

The number of homes available for sale hit its highest level since December 2019, rising 29.2% year-over-year in October, the 12th consecutive month of growth, according to Realtor.com. Homes spent an average of 58 days on market, three more days than the previous month and eight more days than the same time last year, giving buyers more time and more options in their home search.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING NOVEMBER 16:

• New Listings increased 5.1% to 1,002
• Pending Sales increased 7.0% to 777
• Inventory increased 6.4% to 9,614

FOR THE MONTH OF OCTOBER:

• Median Sales Price increased 4.1% to $380,000
• Days on Market increased 21.6% to 45
• Percent of Original List Price Received decreased 0.7% to 97.8%
• Months Supply of Homes For Sale increased 8.0% to 2.7

All comparisons are to 2023

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

U.S. pending home sales increased 7.4% month-over-month and 2.6% year-over-year, as falling mortgage rates in August and September helped under contract sales rise to their highest level since March, according to the National Association of REALTORS®. Pending sales were up in all four regions of the country, with the West posting the highest monthly gain at 9.8%.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING NOVEMBER 9:

• New Listings increased 1.2% to 1,004
• Pending Sales increased 15.0% to 721
• Inventory increased 7.1% to 9,802

FOR THE MONTH OF OCTOBER:

• Median Sales Price increased 4.1% to $380,000
• Days on Market increased 21.6% to 45
• Percent of Original List Price Received decreased 0.7% to 97.8%
• Months Supply of Homes For Sale increased 8.0% to 2.7

All comparisons are to 2023

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

U.S. housing starts edged down 0.5% from the previous month to a seasonally adjusted annual rate of 1.35 million units, according to the U.S. Census Bureau. Single-family housing starts rose 2.7% to a seasonally adjusted annual rate of 1.03 million units, a five-month high, while multi-family housing starts declined 4.5% to 317,000 units. Year to date, single-family construction is up 10.1%.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING NOVEMBER 2:

• New Listings decreased 3.1% to 1,035
• Pending Sales increased 7.8% to 839
• Inventory increased 9.7% to 10,144

FOR THE MONTH OF SEPTEMBER:

• Median Sales Price increased 2.4% to $379,950
• Days on Market increased 14.7% to 39
• Percent of Original List Price Received decreased 0.8% to 98.5%
• Months Supply of Homes For Sale increased 12.0% to 2.8

All comparisons are to 2023

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

Millennials—people ages 28 to 43—make up the largest share of homebuyers nationwide, according to the National Association of REALTORS® 2024 Home Buyers and Sellers Generational Trends Report. Millennials comprised 38% of buyers in transactions that occurred between July 2022 and June 2023, up from 28% the previous 12-month period. Meanwhile, baby boomers, who held the top spot among homebuyers last year at 39%, came in second place, accounting for 31% of all purchase transactions.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 26:

• New Listings increased 10.2% to 1,112
• Pending Sales increased 20.0% to 840
• Inventory increased 9.9% to 10,239

FOR THE MONTH OF SEPTEMBER:

• Median Sales Price increased 2.4% to $380,000
• Days on Market increased 14.7% to 39
• Percent of Original List Price Received decreased 0.8% to 98.5%
• Months Supply of Homes For Sale increased 12.0% to 2.8

All comparisons are to 2023

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

The number of homes for sale continues to grow nationwide, with Realtor.com reporting there were 34% more homes actively for sale in September compared to the same time last year. This marks the 11th consecutive month of annual growth, with supply now at the highest level since April 2020. Despite the upward trend, however, inventory is 23.2% lower compared to typical 2017 – 2019 levels.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 19:

• New Listings increased 2.4% to 1,215
• Pending Sales increased 11.5% to 862
• Inventory increased 10.6% to 10,257

FOR THE MONTH OF SEPTEMBER:

• Median Sales Price increased 2.4% to $380,000
• Days on Market increased 14.7% to 39
• Percent of Original List Price Received decreased 0.8% to 98.5%
• Months Supply of Homes For Sale increased 12.0% to 2.8

All comparisons are to 2023

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

According to the Mortgage Bankers Association, the median mortgage application payment was $2,057 in August, down from $2,140 in July, marking the fourth consecutive month affordability conditions improved. Mortgage rates are down significantly from their peak of 7.79% last October, which should help bring additional buyers to the market in the months ahead.

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

• New Listings increased 12.5% to 1,368
• Pending Sales increased 7.3% to 865
• Inventory increased 10.8% to 10,244

FOR THE MONTH OF SEPTEMBER:

• Median Sales Price increased 2.4% to $379,950
• Days on Market increased 14.7% to 39
• Percent of Original List Price Received decreased 0.8% to 98.5%
• Months Supply of Homes For Sale increased 12.0% to 2.8

All comparisons are to 2023

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

According to the National Association of REALTORS® 2023 Profile of Home Buyers and Sellers, buyers moved a median distance of 20 miles to their new home last year, down from 50 miles the year before, and closer to the previous norm of 15 miles. Among those buyers surveyed, 60% said the quality of the neighborhood was the most important factor in deciding where to move, while proximity to friends and family and housing affordability came in at 45% and 39%, respectively.

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

• New Listings increased 14.9% to 1,447
• Pending Sales increased 19.5% to 1,007
• Inventory increased 12.0% to 10,267

FOR THE MONTH OF AUGUST:

• Median Sales Price increased 2.2% to $388,500
• Days on Market increased 21.2% to 40
• Percent of Original List Price Received decreased 1.3% to 98.7%
• Months Supply of Homes For Sale increased 17.4% to 2.7

All comparisons are to 2023

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