Elevated mortgage rates continue to take a toll on the construction industry, with housing permits for new homes falling 11.2% in November, according to the Commerce Department. Housing starts were down 0.5% over the same time period, with the annual rate of housing starts down 16.4% from the previous year. Overall construction was strongest in the West and the South, while single-family construction was strongest in the West and Northeast.

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

• New Listings decreased 5.6% to 303
• Pending Sales decreased 20.8% to 449
• Inventory increased 18.8% to 6,881

FOR THE MONTH OF NOVEMBER:

• Median Sales Price increased 4.1% to $354,000
• Days on Market increased 33.3% to 40
• Percent of Original List Price Received decreased 2.6% to 97.2%
• Months Supply of Homes For Sale increased 50.0% to 1.8

All comparisons are to 2021

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