Housing affordability is slowly improving, according to ATTOM’s Q1 2023 U.S. Home Affordability Report. Among the 572 counties analyzed, 94% of median-priced single-family homes and condos were less affordable than their historical averages in the first quarter of 2023, falling from 99% in the fourth quarter of 2022. The portion of average wages needed for homeownership costs also declined slightly, with the typical total monthly mortgage payment (PITI) now requiring 29.9% of the average annual wage of $70,460, down from 31.2% in the fourth quarter last year.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING APRIL 8:
- New Listings decreased 36.5% to 1,007
- Pending Sales decreased 31.9% to 893
- Inventory increased 4.8% to 5,766
FOR THE MONTH OF FEBRUARY:
- Median Sales Price increased 0.6% to $342,000
- Days on Market increased 38.6% to 61
- Percent of Original List Price Received decreased 3.6% to 97.2%
- Months Supply of Homes For Sale increased 44.4% to 1.3
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.