Housing Market Stats

U.S. existing-home sales unexpectedly slipped 1.0% month-over-month and 3.5% year- over-year to a seasonally adjusted annual rate of 3.84 million, the lowest level in more than a decade, according to the National Association of REALTORS® (NAR). Prospective buyers have pulled back in recent months, despite lower mortgage rates and more home choices compared to the same time last year.

New Listings in the Twin Cities region increased 12.4 percent to 5,688. Pending Sales were up 14.3 percent to 3,968. Inventory levels rose 7.8 percent to 9,885 units.

U.S. existing-home sales slid 2.5% month-over-month and 4.2% year-over-year to a seasonally adjusted annual rate of 3.86 million units, according to the National Association of REALTORS® (NAR). Meanwhile, home prices have continued to reach record heights nationwide, with NAR reporting a median sales price of $416,700 as of last measure, a 3.1% increase from the same time last year and a new high for the month.

New Listings in the Twin Cities region increased 4.2 percent to 5,956. Pending Sales were up 1.5 percent to 3,716. Inventory levels rose 9.0 percent to 10,092 units.

To read the full September 2024 Housing Statistics for the Twin Cities, please click here!

Twin Cities Home Construction Ends Summer on Positive Note

U.S. existing-home sales increased for the first time in 5 months, as lower mortgage rates and rising supply helped boost market activity. According to the National Association of REALTORS® (NAR), sales of previously owned homes rose 1.3% month- over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downward trend of recent months.

New Listings in the Twin Cities region decreased 3.3 percent to 5,940. Pending Sales were down 10.2 percent to 4,017. Inventory levels rose 11.7 percent to 9,712 units.

To read the full August 2024 Housing Statistics for the Twin Cities, please click here!

Summer homebuilding off to strong start in Twin Cities

U.S. existing-home sales fell for the second month in a row, sliding 1.9% month-over- month and 1.9% year-over-year, according to the National Association of Realtors® (NAR), with sales down in all four regions of the country. Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer.

New Listings in the Twin Cities region increased 3.1 percent to 6,979. Pending Sales were down 5.0 percent to 4,675. Inventory levels rose 15.7 percent to 8,614 units.

U.S. existing-home sales improved for the second month in a row, jumping 9.5% to a seasonally adjusted annual rate of 4.38 million units, exceeding economists’ expectations and marking the largest monthly gain in a year, according to the National Association of REALTORS®(NAR). The rebound in home sales comes amid fluctuating mortgage rates and elevated sales prices, indicating there is plenty of buyer demand heading into the spring selling season.

U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% year- over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023.

U.S. existing-home sales rose from a 13-year low, climbing 0.8% from the previous month and breaking a five-month streak in which sales declined, according to the National Association of REALTORS® (NAR). Despite the increase, sales were down 7.3% compared to the same period last year, as affordability challenges continue to hinder prospective buyers. Most of this period’s closed sales went under contract in October, when mortgage rates were at a two-decade high. With rates having dropped more than a full percentage point since then, existing-home sales may continue to pick up in the months ahead.

See the full December 2023 Housing Statistics for the Twin Cities here!

Low inventory, elevated sales prices, and decades-high interest rates continue to weigh on the housing market, causing sales of existing homes to fall to their slowest pace since August 2010. According to the National Association of REALTORS® (NAR), U.S. existing-home sales declined 4.1% month-over-month and 14.6% year-over-year as of last measure, as prospective buyers, faced with rising homeownership costs, wait for mortgage rates, and home prices, to drop.

U.S. sales of existing homes recently fell to a 13-year low, dropping 2.0% month-over- month and 15.4% year-over-year as of last measure, according to the National Association of REALTORS® (NAR), as surging interest rates and elevated sales prices continue to make homeownership unaffordable for many prospective buyers. Purchase activity is down significantly compared to this time last year, but rising interest rates are also keeping many current homeowners from selling, causing inventory to remain at historically low levels nationwide. Click on the link below to see the full PDF report!

October 2023 Housing Statistics for the Twin Cities

September 2023

National sales of existing homes recently fell to a 7-month low, as surging borrowing costs, rising sales prices, and limited inventory continue to keep many would-be buyers out of the market. Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7% since mid-August. With fewer buyers able to afford the costs of homeownership, existing-home sales declined 0.7% month- over-month and were down 15.3% year-over-year, according to the National Association of REALTORS® (NAR). Click on the link below to see the full PDF report!

September 2023 Housing Statistics for the Twin Cities