Median national rents fell slightly to $1,759 in September, marking the second consecutive month rents have dropped, according to a recent report from Realtor.com. Although median rents remain 7.8% higher than a year ago, it represents the smallest year-over-year increase and the slowest annual rate of growth since June 2021, suggesting the rental market may be cooling after the record-breaking pace of the last two years.

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

• New Listings decreased 14.0% to 1,266
• Pending Sales decreased 37.3% to 835
• Inventory increased 4.0% to 9,071

FOR THE MONTH OF SEPTEMBER:

• Median Sales Price increased 6.3% to $362,050
• Days on Market increased 39.1% to 32
• Percent of Original List Price Received decreased 2.3% to 98.9%
• Months Supply of Homes For Sale increased 18.8% to 1.9

All comparisons are to 2021

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

Mortgage application activity nationwide recently dropped to its lowest pace in 25 years, according to the Mortgage Bankers Association (MBA), with purchase and refinance applications down considerably compared to this time last year, when mortgage rates were hovering around 3%. The sharp increase in rates has caused mortgage applications for purchase to decline 39% compared to the same week a year ago.

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

• New Listings decreased 16.8% to 1,260
• Pending Sales decreased 40.2% to 812
• Inventory increased 1.7% to 8,959

FOR THE MONTH OF SEPTEMBER:

• Median Sales Price increased 6.3% to $362,100
• Days on Market increased 39.1% to 32
• Percent of Original List Price Received decreased 2.3% to 98.9%
• Months Supply of Homes For Sale increased 18.8% to 1.9

All comparisons are to 2021

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

U.S. home prices are falling at the fastest rate since January 2009, according to recent data from Black Knight, as shifting market conditions have led many sellers to lower their asking price. Nationally, median home prices fell by 0.98% from July to August, marking the second consecutive month prices have declined. Although home prices are down 2% from their peak in June, they remain up 12.1 % compared to the same period last year.

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

• New Listings decreased 20.0% to 1,271
• Pending Sales decreased 36.5% to 895
• Inventory decreased 0.8% to 8,934

FOR THE MONTH OF AUGUST:

• Median Sales Price increased 5.7% to $369,900
• Days on Market increased 22.7% to 27
• Percent of Original List Price Received decreased 2.4% to 99.9%
• Months Supply of Homes For Sale increased 20.0% to 1.8

All comparisons are to 2021

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

Lumber prices plunged to their lowest level in more than two years following the Federal Reserve’s 75-basis-point rate hike last week, as soaring mortgage interest rates and the slowdown in the US housing market have caused lumber demand to cool rapidly this year. The Wall Street Journal reports lumber futures are down about one-third from a year ago and have fallen more than 70% from this year’s peak in March.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING SEPTEMBER 24:

• New Listings decreased 20.2% to 1,273
• Pending Sales decreased 29.4% to 983
• Inventory increased 0.4% to 9,039

FOR THE MONTH OF AUGUST:

• Median Sales Price increased 5.7% to $369,900
• Days on Market increased 22.7% to 27
• Percent of Original List Price Received decreased 2.4% to 99.9%
• Months Supply of Homes For Sale increased 20.0% to 1.8

All comparisons are to 2021

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

Mortgage rates topped 6% the week ending 9/15, as hotter-than-expected inflation helped push rates to their highest level since 2008 amid growing recession concerns. According to Freddie Mac, mortgage rates are now double what they were this time last year, squeezing homebuyer budgets and causing home sales to slow under the weight of rising borrowing costs.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING SEPTEMBER 17:

• New Listings decreased 20.5% to 1,424
• Pending Sales decreased 31.3% to 908
• Inventory increased 1.3% to 8,962

FOR THE MONTH OF AUGUST:

• Median Sales Price increased 5.7% to $369,900
• Days on Market increased 22.7% to 27
• Percent of Original List Price Received decreased 2.4% to 99.9%
• Months Supply of Homes For Sale increased 20.0% to 1.8

All comparisons are to 2021

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

Rents continue to soar to new highs amid low vacancy rates, with the median rent hitting $1,879 in the 50 largest U.S. metropolitan areas in July, a 12.3% increase from the same time last year, according to a recent report from Realtor.com. Although rents remain elevated, rent growth appears to be slowing, having increased only $3 from June to July, with tenants in urban areas typically seeing higher rent hikes compared to those in the suburbs.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 20:

• New Listings decreased 27.3% to 1,326
• Pending Sales decreased 23.5% to 1,138
• Inventory increased 5.1% to 8,953

FOR THE MONTH OF JULY:

• Median Sales Price increased 7.1% to $375,000
• Days on Market increased 15.8% to 22
• Percent of Original List Price Received decreased 2.0% to 101.5%
• Months Supply of Homes For Sale increased 20.0% to 1.8

All comparisons are to 2021

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

After declining for three consecutive quarters, the share of homebuyers actively searching for a home grew to 49% nationally in the second quarter of 2022, up from 46% the previous quarter, according to the National Association of Home Builders (NAHB) recent Housing Trends Report. NAHB economists credit the rise in buyer activity to a less competitive housing market, which has motivated more prospective buyers to advance from the planning stage of the homebuying process to actively trying to purchase a home.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 13:

• New Listings decreased 16.0% to 1,480
• Pending Sales decreased 22.6% to 1,173
• Inventory increased 5.4% to 8,948

FOR THE MONTH OF JULY:

• Median Sales Price increased 7.1% to $375,000
• Days on Market increased 15.8% to 22
• Percent of Original List Price Received decreased 2.0% to 101.5%
• Months Supply of Homes For Sale increased 20.0% to 1.8

All comparisons are to 2021

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

The average 30-year fixed rate mortgage dropped to 4.99% the week ending 8/4, marking the first time since April rates have dipped below 5%, according to Freddie Mac. With rates down the past two weeks, the Mortgage Bankers Association reports mortgage applications rose slightly from the previous week, including an uptick in refinance applications, as buyers took advantage of the opportunity to lock in lower rates and save on their monthly mortgage payment.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 6:

• New Listings decreased 21.7% to 1,560
• Pending Sales decreased 23.1% to 1,118
• Inventory increased 7.8% to 8,818

FOR THE MONTH OF JULY:

• Median Sales Price increased 7.1% to $375,000
• Days on Market increased 15.8% to 22
• Percent of Original List Price Received decreased 2.0% to 101.5%
• Months Supply of Homes For Sale increased 20.0% to 1.8

All comparisons are to 2021

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

As housing supply continues to increase across the country, prospective buyers’ housing expectations are on the rise as well, with the National Association of Home Builders (NAHB) reporting the share of prospective buyers expecting their home search to be easier in the coming months climbed to 22% in the second quarter, up from 17% in the first quarter. The NAHB attributes the improved outlook among buyers to increases in inventory and a decline in buyer competition.

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

• New Listings decreased 24.5% to 1,443
• Pending Sales decreased 22.4% to 1,171
• Inventory increased 10.3% to 8,830

FOR THE MONTH OF JUNE:

• Median Sales Price increased 8.6% to $380,000
• Days on Market increased 5.0% to 21
• Percent of Original List Price Received decreased 0.8% to 103.3%
• Months Supply of Homes For Sale increased 23.1% to 1.6

All comparisons are to 2021

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

Mortgage applications declined for the fourth straight week, falling 1.8 percent from the previous week and marking the lowest level of activity since February 2000, according to the Mortgage Bankers Association. Increasing mortgage rates, escalating sales prices, and decades-high inflation continue to hinder affordability, putting homeownership on hold for many prospective buyers.

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

• New Listings decreased 13.5% to 1,607
• Pending Sales decreased 25.1% to 1,142
• Inventory increased 9.7% to 8,729

FOR THE MONTH OF JUNE:

• Median Sales Price increased 8.6% to $380,000
• Days on Market increased 5.0% to 21
• Percent of Original List Price Received decreased 0.8% to 103.3%
• Months Supply of Homes For Sale increased 23.1% to 1.6

All comparisons are to 2021

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