For Week Ending July 31, 2021

The percentage of first-time home buyers fell to 31% in June, the lowest level in more than 3 decades, according to the National Association of REALTORS®. Cash offers, bidding wars, and soaring home prices are making it increasingly difficult for first-time buyers to compete in a market with record low inventory and declining housing affordability, even as 30-year mortgage rates dropped below 3 percent for the first time since February.

In the Twin Cities region, for the week ending July 31:

• New Listings decreased 1.6% to 1,832
• Pending Sales decreased 10.4% to 1,476
• Inventory decreased 25.9% to 7,427

For the month of June:

• Median Sales Price increased 14.8% to $350,000
• Days on Market decreased 52.4% to 20
• Percent of Original List Price Received increased 4.5% to 104.1%
• Months Supply of Homes For Sale decreased 42.9% to 1.2

All comparisons are to 2020

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

For Week Ending July 24, 2021

Sales of new construction single-family homes fell to a 14-month low, dropping 6.6% in June compared to May, according to the Commerce Department, although sales of new homes remain 13.5% higher compared to a year ago. The recent decline in sales can be attributed to rising construction costs and building material prices, with these increases then passed on to consumers, and to labor and supply chain challenges, which have extended homebuilding timelines, frustrating buyers and further aggravating America’s housing shortage.

In the Twin Cities region, for the week ending July 24:

• New Listings decreased 3.3% to 1,786
• Pending Sales decreased 4.6% to 1,481
• Inventory decreased 25.9% to 7,400

For the month of June:

• Median Sales Price increased 14.8% to $350,000
• Days on Market decreased 52.4% to 20
• Percent of Original List Price Received increased 4.5% to 104.1%
• Months Supply of Homes For Sale decreased 42.9% to 1.2

All comparisons are to 2020

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