For Week Ending August 26, 2023
U.S. home equity recently hit a 4-year high, with nearly half of all mortgage borrowers considered equity rich—having a loan to value ratio of 50% or lower—in the second quarter of this year. According to ATTOM’s Q2 2023 U.S. Home Equity and Underwater Report, 49% of mortgaged residential homes were equity rich, up from 47% in the first quarter of the year, with quarterly increases found in 45 states. The highest levels of equity-rich mortgaged properties continue to be found in the West, with six of the top 10 states in the second quarter located in that region.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 26:
- New Listings increased at 1,282
- Pending Sales decreased 9.2% to 923
- Inventory decreased 12.7% to 8,178
FOR THE MONTH OF JULY:
- Median Sales Price remained flat at $375,000
- Days on Market increased 31.8% to 29
- Percent of Original List Price Received decreased 0.7% to 100.8%
- Months Supply of Homes For Sale increased 15.8% to 2.2
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.