Baby boomers—people ages 58 to 76—now make up the largest share of buyers and sellers nationwide, according to the National Association of REALTORS® 2023 Home Buyers and Sellers Generational Trends Report. Baby boomers represented 53% of sellers and 39% of buyers in transactions that occurred between July 2021 and June 2022. Millennials, once the leading share of homebuyers, came in second place, accounting for 28% of buyers according to the report.

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

• New Listings decreased 13.4% to 1,321
• Pending Sales decreased 37.7% to 883
• Inventory increased 4.0% to 5,845

FOR THE MONTH OF MARCH:

• Median Sales Price remained flat at $355,000
• Days on Market increased 65.7% to 58
• Percent of Original List Price Received decreased 4.0% to 98.6%
• Months Supply of Homes For Sale increased 36.4% to 1.5

All comparisons are to 2022

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

Housing affordability is slowly improving, according to ATTOM’s Q1 2023 U.S. Home Affordability Report. Among the 572 counties analyzed, 94% of median-priced single-family homes and condos were less affordable than their historical averages in the first quarter of 2023, falling from 99% in the fourth quarter of 2022. The portion of average wages needed for homeownership costs also declined slightly, with the typical total monthly mortgage payment (PITI) now requiring 29.9% of the average annual wage of $70,460, down from 31.2% in the fourth quarter last year.

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

• New Listings decreased 36.5% to 1,007
• Pending Sales decreased 31.9% to 893
• Inventory increased 4.8% to 5,766

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 0.6% to $342,000
• Days on Market increased 38.6% to 61
• Percent of Original List Price Received decreased 3.6% to 97.2%
• Months Supply of Homes For Sale increased 44.4% to 1.3

All comparisons are to 2022

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

The annual rate of US rent growth has continued to slow annually, with single-family rents increasing 5.7% as of last measure, the lowest level since spring 2021, according to Corelogic’s most recent Single-Family Rent Index (SFRI). This marks the 9th consecutive month rent growth has slowed, with Orlando, FL, Charlotte, NC, and New York having the highest annual single-family rent price increases, while Phoenix posted the lowest annual rent price gain for the period.

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

• New Listings decreased 30.4% to 1,081
• Pending Sales decreased 24.4% to 942
• Inventory increased 6.4% to 5,815

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 0.6% to $342,000
• Days on Market increased 38.6% to 61
• Percent of Original List Price Received decreased 3.6% to 97.2%
• Months Supply of Homes For Sale increased 44.4% to 1.3

All comparisons are to 2022

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

Mortgage interest rates declined for the third week in a row, with the 30-year fixed rate mortgage averaging 6.32% the week ending 3/30/23, the lowest level since mid-February, according to Freddie Mac. The drop in rates has led to an increase in mortgage demand, with mortgage applications to purchase a home rising 2% from the previous week, marking the fourth consecutive week home purchase applications increased, according to the Mortgage Bankers Association.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 25:

• New Listings decreased 28.1% to 1,035
• Pending Sales decreased 28.4% to 846
• Inventory increased 9.2% to 5,799

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 0.6% to $342,000
• Days on Market increased 38.6% to 61
• Percent of Original List Price Received decreased 3.6% to 97.2%
• Months Supply of Homes For Sale increased 44.4% to 1.3

All comparisons are to 2022

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

More than a decade of underbuilding has resulted in a shortage of 6.5 million single-family homes, as new-home construction continues to lag population growth. According to a new report from Realtor.com, 15.6 million new households were formed between 2012 and 2022, while only 9.03 million new single-family homes were completed. However, the report acknowledges that if multi-family starts are included, which represented 35% of all housing starts in 2022, the current supply deficit falls to 2.3 million homes.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 18:

• New Listings decreased 29.9% to 1,006
• Pending Sales decreased 27.7% to 850
• Inventory increased 10.8% to 5,743

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 0.6% to $342,000
• Days on Market increased 38.6% to 61
• Percent of Original List Price Received decreased 3.6% to 97.2%
• Months Supply of Homes For Sale increased 44.4% to 1.3

All comparisons are to 2022

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

The slower pace of home sales has helped housing supply increase at a record pace nationwide, with inventory climbing 67.8% year-over-year in February, according to Realtor.com’s latest Monthly Housing Market Trends report. Inventory was up in 49 out of 50 of the largest US metros, driven largely by increased time on market and a decrease in buyer demand due to elevated borrowing costs. February marks the 6th consecutive month the supply of homes increased, although inventory remains down compared to pre-pandemic levels.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 11:

• New Listings decreased 25.8% to 1,011
• Pending Sales decreased 31.7% to 804
• Inventory increased 10.4% to 5,649

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 0.5% to $341,850
• Days on Market increased 38.6% to 61
• Percent of Original List Price Received decreased 3.6% to 97.2%
• Months Supply of Homes For Sale increased 44.4% to 1.3

All comparisons are to 2022

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

According to recent data from Black Knight, more than 40% of US mortgages originated in 2020 – 2021, with almost 25% of all current home loans originating in 2021, when the pandemic helped mortgage rates tumble to historic lows. What’s more, nearly 65% of mortgages are at rates of 4% or below, offering little incentive for many current homeowners to sell their homes now that borrowing costs are significantly higher.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 4:

• New Listings decreased 23.2% to 1,126
• Pending Sales decreased 36.1% to 751
• Inventory increased 11.3% to 5,539

FOR THE MONTH OF JANUARY:

• Median Sales Price increased 2.7% to $342,000
• Days on Market increased 46.3% to 60
• Percent of Original List Price Received decreased 3.6% to 96.0%
• Months Supply of Homes For Sale increased 55.6% to 1.4

All comparisons are to 2022

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

According to a recent National Association of Home Builders/Wells Fargo Housing Market Index (HMI) survey, building material prices were the most significant issue for US homebuilders last year, with 96% of builders reporting that building material prices were a problem. Availability of building materials and cost and availability of labor also ranked among the largest problems builders faced in 2022, along with rising inflation and higher interest rates, both of which remain top concerns this year for the majority of builders surveyed.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 25:

• New Listings decreased 35.3% to 743
• Pending Sales decreased 23.5% to 744
• Inventory increased 15.1% to 5,735

FOR THE MONTH OF JANUARY:

• Median Sales Price increased 2.7% to $342,000
• Days on Market increased 46.3% to 60
• Percent of Original List Price Received decreased 3.6% to 96.0%
• Months Supply of Homes For Sale increased 55.6% to 1.4

All comparisons are to 2022

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

The number of homes available for sale continues to increase nationwide, with active listings up 65.5% compared to January 2022, according to Realtor.com’s most recent Monthly Housing Report. Buyers have 248,000 more homes to choose from compared to the same time last year, although the number of homes for sale is still 43.2% lower than it was in 2017 – 2019, prior to the pandemic. Nationally, homes are also spending more time on market compared to last year, giving prospective buyers greater opportunities to make their home purchase goals a reality.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 18:

• New Listings decreased 18.0% to 914
• Pending Sales decreased 23.1% to 698
• Inventory increased 13.9% to 5,667

FOR THE MONTH OF JANUARY:

• Median Sales Price increased 2.7% to $342,000
• Days on Market increased 46.3% to 60
• Percent of Original List Price Received decreased 3.6% to 96.0%
• Months Supply of Homes For Sale increased 44.4% to 1.3

All comparisons are to 2022

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

Nationally, the median age of owner-occupied homes is 40 years, according to the 2021 American Community Survey (ACS), the most recent survey available. Among owner-occupied homes, nearly half were built before 1979, while only 10% of homes were built 2010 or later. As America’s housing stock continues to age, and with a limited supply of residential new construction available, the home renovation industry has experienced a boom the last few years, especially during the pandemic, which saw homeowner remodeling and repair spending increase by double digits, per the Leading Indicator of Remodeling Activity (LIRA) from the Harvard Joint Center for Housing Studies.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 11:

• New Listings decreased 22.0% to 855
• Pending Sales decreased 22.6% to 713
• Inventory increased 15.1% to 5,647

FOR THE MONTH OF JANUARY:

• Median Sales Price increased 2.7% to $342,000
• Days on Market increased 46.3% to 60
• Percent of Original List Price Received decreased 3.6% to 96.0%
• Months Supply of Homes For Sale increased 44.4% to 1.3

All comparisons are to 2022

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