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:
- New Listings decreased 15.4% to 1,573
- Pending Sales decreased 15.5% to 1,115
- Inventory decreased 8.7% to 7,224
FOR THE MONTH OF MAY:
- Median Sales Price decreased 1.3% to $370,000
- Days on Market increased 65.2% to 38
- Percent of Original List Price Received decreased 2.9% to 101.1%
- Months Supply of Homes For Sale increased 28.6% to 1.8
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.