Weekly Market Report
International buyers of U.S. homes purchased 14.2% fewer homes from April 2022 to March 2023 compared to the same 12-month period a year before, according to the latest data from the National Association of REALTORS® (NAR). Foreign buyers purchased 84,600 homes, marking the fewest number of properties purchased annually by foreign buyers since 2009, when NAR began tracking this data. Although sales were down, home prices have continued to rise, with the median existing-home sales price among international buyers hitting $396,400, the highest ever recorded by NAR.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 19:
- New Listings decreased 3.1% to 1,324
- Pending Sales decreased 15.0% to 966
- Inventory decreased 14.0% to 8,117
FOR THE MONTH OF JULY:
- Median Sales Price increased at $375,250
- Days on Market increased 31.8% to 29
- Percent of Original List Price Received decreased 0.7% to 100.8%
- Months Supply of Homes For Sale increased 10.5% to 2.1
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Inventory
Weekly Market Report
Seller profit margins are up nationwide following three quarterly declines, according to ATTOM’s Q2 2023 U.S. Home Sales Report. Typical profit margins on medianpriced single-family and condo sales climbed to 47.7% in the second quarter of 2023, up from 43.9% the previous quarter, representing the first increase in a year. The rise in profit margins was boosted by recent growth in median single-family home and condo prices, which increased in more than 90% of the country in Q2, according to the report.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 12:
- New Listings decreased 7.4% to 1,398
- Pending Sales decreased 10.5% to 1,068
- Inventory decreased 14.4% to 8,065
FOR THE MONTH OF JULY:
- Median Sales Price remained flat at $375,000
- Days on Market increased 31.8% to 29
- Percent of Original List Price Received decreased 0.7% to 100.8%
- Months Supply of Homes For Sale increased 10.5% to 2.1
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Inventory
Weekly Market Report
According to ATTOM’s Q2 2023 Home Affordability Report, 98% of median-priced U.S. single-family homes and condos were less affordable than their historical averages in the second quarter of 2023, up from 94% in the first quarter, with the decline in affordability attributed in part to rising sales prices, which have continued to outpace wage growth. Nationally, median single-family home values rose 10% from the first quarter to the second quarter, with residents needing 33% of their income to cover major homeownership expenses, the highest level since 2007.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 5:
- New Listings decreased 11.9% to 1,400
- Pending Sales decreased 10.5% to 1,039
- Inventory decreased 14.2% to 7,975
FOR THE MONTH OF JUNE:
- Median Sales Price increased 0.5% to $382,000
- Days on Market increased 47.6% to 31
- Percent of Original List Price Received decreased 1.9% to 101.3%
- Months Supply of Homes For Sale increased 17.6% to 2.0
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Inventory
Weekly Market Report
Single-family housing starts fell 8% to a seasonally adjusted annual rate of 1.43 million in June, according to a joint report from the U.S. Census Bureau and the Department of Housing and Urban Development, as higher interest rates and supply chain challenges continue to impact homebuilders and slow construction activity. Despite the decline, however, single-family permits were up 2.2% month-over-month, the highest pace since June 2022, according to the report.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 29:
- New Listings decreased 9.3% to 1,340
- Pending Sales decreased 8.7% to 1,077
- Inventory decreased 14.4% to 7,972
FOR THE MONTH OF JUNE:
- Median Sales Price increased 0.5% to $382,000
- Days on Market increased 47.6% to 31
- Percent of Original List Price Received decreased 1.9% to 101.3%
- Months Supply of Homes For Sale increased 17.6% to 2.0
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Inventory
Weekly Market Report
Rental prices are beginning to decline, with rents for 0-2 bedroom properties dropping 0.5% year-over-year to $1,739 per month among the 50 largest metropolitan areas, according to Realtor.com’s most recent Monthly Rental Report, marking the first annual decline since 2020, when trend data began. Despite the nationwide decline, rents continue to rise in more affordable areas such as the Midwest and the Northeast, where demand has remained especially strong due to robust job markets and limited rental inventory.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 8:
- New Listings decreased 25.0% to 1,137
- Pending Sales decreased 12.1% to 834
- Inventory decreased 12.4% to 7,547
FOR THE MONTH OF MAY:
- Median Sales Price decreased 1.3% to $370,000
- Days on Market increased 65.2% to 38
- Percent of Original List Price Received decreased 2.9% to 101.1%
- Months Supply of Homes For Sale increased 35.7% to 1.9
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
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