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June 29, 2023
Mortgage rates have hovered in the six to seven percent range for over six months and, despite affordability headwinds, homebuyers have adjusted and driven new home sales to its highest level in more than a year. New home sales have rebounded more robustly than the resale market due to a marginally greater supply of new construction. The improved demand has led to a firming of prices, which have now increased for several months in a row.
Information provided by Freddie Mac.
For Week Ending June 17, 2023
The number of homes available for sale increased 20.8% annually in May, according to Realtor.com’s Monthly Housing Market Trends Report, driven largely by gains in the South, where inventory rose 54.4% year-over-year. Housing supply has continued to fluctuate across the U.S. amid higher interest rates, with more affordable metropolitan areas, such as those in the South and Midwest, seeing inventory growth year-over-year, while more expensive metro areas, such as those in the West and Northeast, have seen inventory decrease.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JUNE 17:
FOR THE MONTH OF MAY:
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
June 22, 2023
Mortgage rates slid down again this week but remain elevated compared to this time last year. Potential homebuyers have been watching rates closely and are waiting to come off the sidelines. However, inventory challenges persist as the number of existing homes for sale remains very low. Though, a recent rebound in single-family housing starts is an encouraging development that will hopefully extend through the summer.
Information provided by Freddie Mac.
For Week Ending June 10, 2023
Home price growth has slowed to its lowest rate on record since 2016, according to the latest Realtor.com Monthly Housing Trends Report. The U.S. median list price rose 2.56% month-over-month to $441,000 in May, representing a 0.9% increase from May 2022. Fluctuating mortgage interest rates and higher home prices continue to impact affordability, with monthly borrowing costs up approximately $296 in May compared to the same time last year, assuming a 20% borrower down payment.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JUNE 10:
FOR THE MONTH OF MAY:
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.