For Week Ending December 21, 2024

New-home purchases accounted for 15% of home sales over the past year, the
highest share since 2007, while existing-home purchases accounted for 85%,
according to a recent report from the National Association of REALTORS®. Among
new-home buyers, 42% were most often looking to avoid renovations and
problems with mechanical systems, while 31% of existing-home buyers felt
previously owned homes represented a better overall value.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 21:

• New Listings decreased 1.0% to 477
• Pending Sales increased 3.1% to 605
• Inventory increased at 7,832

FOR THE MONTH OF NOVEMBER:

• Median Sales Price increased 3.4% to $375,000
• Days on Market increased 25.0% to 50
• Percent of Original List Price Received increased 0.2% to 97.6%
• Months Supply of Homes For Sale remained flat at 2.3

All comparisons are to 2023

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

For Week Ending December 14, 2024

For the first time in 10 years, the U.S. real median gross cost of renting—rent, plus the average monthly cost of utilities and fuel, adjusted for inflation—grew faster than median home values on an annual basis in 2023, rising 3.8% compared to 1.8%, according to the 2023 American Community Survey. The median gross rent rose from $1,354 in 2022 to $1,406 in 2023, with renters spending 31% of their income on rent and utilities.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 14:

• New Listings increased 16.3% to 729
• Pending Sales increased 5.3% to 641
• Inventory increased 2.3% to 8,249

FOR THE MONTH OF NOVEMBER:

• Median Sales Price increased 3.4% to $375,000
• Days on Market increased 25.0% to 50
• Percent of Original List Price Received increased 0.2% to 97.6%
• Months Supply of Homes For Sale remained flat at 2.3

All comparisons are to 2023

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

For Week Ending December 7, 2024

The Federal Housing Finance Agency recently announced the conforming loan limits for one-unit properties with mortgages acquired by Fannie Mar and Freddie Mac will be $806,500 in 2025, an increase of $39,950 (5.2%) from 2024’s ceiling of $766,550. However, in high-cost areas where 115% of the local median home value exceeds the baseline conforming loan limit value, the new loan limit for one-unit properties will be $1,209,750.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 7:

• New Listings increased 13.6% to 845
• Pending Sales increased 8.9% to 701
• Inventory increased 3.6% to 8,578

FOR THE MONTH OF NOVEMBER:

• Median Sales Price increased 3.4% to $375,000
• Days on Market increased 25.0% to 50
• Percent of Original List Price Received increased 0.2% to 97.6%
• Months Supply of Homes For Sale remained flat at 2.3

All comparisons are to 2023

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