We keep a running log of housing statistics for both Edina and the full Twin Cities Metro Area that is updated every month! To see the details for each report, just click on the links and be sure to contact us if you have any questions about the current market.
Metro homebuilders had another positive month of permitting activity with 405 permits pulled for single-family homes in March, a 37% increase from the same time last year.
Activity in the multifamily construction sector, however, saw a severe decline in overall activity with permits pulled for just six units – a 168% decrease compared to this same time last year.
To read the full PDF Hot Sheet from Minnesota Housing, click here!
TWIN CITIES METRO Housing Report March 2024
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.
EDINA Housing Report March 2024
To read the full Edina Housing Report for March 2024, please click here!
Metro homebuilders had another positive month of permitting activity with 462 permits pulled for single-family homes in February, a 113% increase from the same time last year.
Activity in the multifamily construction sector, however, continued to see decreases in overall activity with permits pulled for 495 unit—a 42% decrease compared to the same time last year.
“Mortgage rates shock is starting to wear off for a lot of buyers, they’re just ready to jump back into the housing market,” said Art Pratt, 2024 board chair of Housing First Minnesota. “As we gear up for the Spring Parade of Homes, the spring housing market is poised to burst into action, and we’re anticipating strong traffic.”
To read the full PDF Hot Sheet from Minnesota Housing, click here!
Photo by Avel Chuklanov on Unsplash
EDINA Housing Report February 2024
To read the full Edina Housing Report for February 2024, please click here!
TWIN CITIES METRO Housing Report February 2024
U.S. existing-home sales grew 3.1% month-over-month to a seasonally adjusted annual rate of 4.00 million, exceeding economists’ expectations and marking the strongest sales pace since August 2023, according to the National Association of REALTORS® (NAR). Falling interest rates late last year, coupled with a recent uptick in inventory, helped existing-home sales to climb following last month’s decline, with monthly gains reported in the Midwest, South, and West regions.
To read the full Febuary 2024 Housing Statistics for the Twin Cities, please click here!
January 2024
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.
See the full January 2024 Housing Statistics for the Twin Cities here!
December 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!
November 2023
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.
October 2023
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!
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!
