For Week Ending March 2, 2024
The limited supply of existing-home inventory nationwide continues to benefit the new-home market, with applications for new home purchases up 38% month-over-month and 19.1% year-over-year in January, according to the Mortgage Bankers Association Builder Application Survey. The latest reading marks the 12th consecutive annual increase and is the strongest non-seasonally adjusted reading for the month in the survey’s history.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 2:
- New Listings increased 2.5% to 1,198
- Pending Sales increased 10.0% to 845
- Inventory increased 11.7% to 6,686
FOR THE MONTH OF JANUARY:
- Median Sales Price increased 3.2% to $353,035
- Days on Market decreased 8.2% to 56
- Percent of Original List Price Received increased 0.6% to 96.6%
- Months Supply of Homes For Sale increased 28.6% to 1.8
All comparisons are to 2023
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.