New-home construction recently fell to a 3-year low, as higher mortgage rates take their toll on homebuilders, impacting affordability and causing production to slow. According to the U.S. Census Bureau, housing starts dropped 11.3% from the previous month, led by a decline in multi-family construction. Although starts fell more than economists predicted, building permits increased over the same period, rising 6.9% from the previous month.

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

• New Listings decreased 3.8% to 1,252
• Pending Sales decreased 10.0% to 894
• Inventory decreased 8.7% to 8,707

FOR THE MONTH OF AUGUST:

• Median Sales Price increased 2.7% to $380,000
• Days on Market increased 18.5% to 32
• Percent of Original List Price Received increased 0.1% to 100.0%
• Months Supply of Homes For Sale increased 15.8% to 2.2

All comparisons are to 2022

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