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Weekly Market Report

For Week Ending September 7, 2024

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index hit a new all time high in June, rising 5.4% year-over-year, a slight decline from a 5.9% annual gain the previous month. The 20-City Composite was up 6.5% from the same time last year, with New York reporting the largest annual increase at 9%, followed by San Diego and Las Vegas, at 8.7% and 8.5%, respectively.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING SEPTEMBER 7:

  • New Listings decreased 0.4% to 1,422
  • Pending Sales increased 10.1% to 765
  • Inventory increased 12.6% to 9,748

FOR THE MONTH OF AUGUST:

  • Median Sales Price increased 2.4% to $389,000
  • Days on Market increased 21.2% to 40
  • Percent of Original List Price Received decreased 1.3% to 98.7%
  • Months Supply of Homes For Sale increased 17.4% to 2.7

All comparisons are to 2023

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Weekly Report

Weekly Market Report

For Week Ending August 31, 2024

49.2% of mortgaged residential properties in the U.S. were considered equity rich—having at least 50% equity in one’s home–in the second quarter of 2024, according to ATTOM’s Q2 2024 U.S. Home Equity and Underwater Report. This is an increase from the previous quarter, when 45.8% of mortgaged homes were considered equity-rich, with the largest quarterly increases found in lower-priced markets in the South and Midwest regions.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 31:

  • New Listings decreased 10.7% to 1,096
  • Pending Sales decreased 8.5% to 870
  • Inventory increased 12.7% to 9,842

FOR THE MONTH OF JULY:

  • Median Sales Price increased 2.7% to $385,000
  • Days on Market increased 24.7% to 36
  • Percent of Original List Price Received decreased 1.3% to 99.5%
  • Months Supply of Homes For Sale increased 18.2% to 2.6

All comparisons are to 2023

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Weekly Report

Weekly Market Report

For Week Ending August 24, 2024

U.S. housing starts fell 6.8% month-over-month and 16.0% year-over-year to a seasonally adjusted annual rate of 1,238,000 units, according to the U.S. Census Bureau. Building permits also declined as of last measure, sliding 4% month-over-month to a seasonally adjusted annual rate of 1,396,000 units. Analysts say Hurricane Beryl, along with elevated interest rates in July, likely impacted construction activity.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 24:

  • New Listings decreased 3.9% to 1,268
  • Pending Sales decreased 9.2% to 845
  • Inventory increased 13.6% to 9,793

FOR THE MONTH OF JULY:

  • Median Sales Price increased 2.7% to $385,000
  • Days on Market increased 24.1% to 36
  • Percent of Original List Price Received decreased 1.3% to 99.5%
  • Months Supply of Homes For Sale increased 18.2% to 2.6

All comparisons are to 2023

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Weekly Report

Weekly Market Report

For Week Ending August 17, 2024

The number of homes for sale continues to improve nationwide, marking the ninth straight month of growth. According to Realtor.com’s July 2024 Monthly Housing Market Trends Report, there were 36.6% more homes on the market in July compared to the same period last year. Prospective buyers, especially first-time homebuyers, will be pleased to know the growth in homes priced between $200,000 – $350,000 jumped 47.3% year-over-year, outpacing all other price categories.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 17:

  • New Listings increased 3.1% to 1,320
  • Pending Sales decreased 5.4% to 925
  • Inventory increased 14.4% to 9,783

FOR THE MONTH OF JULY:

  • Median Sales Price increased 2.7% to $385,000
  • Days on Market increased 24.7% to 36
  • Percent of Original List Price Received decreased 1.3% to 99.5%
  • Months Supply of Homes For Sale increased 18.2% to 2.6

All comparisons are to 2023

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Weekly Report

July Monthly Skinny Video

Monthly Skinny Video

Weekly Market Report

For Week Ending August 10, 2024

Homebuyer preferences for smaller homes continue to influence builder behavior. According to the U.S. Census Bureau, the typical new single-family home under construction had a median floor area of 2,139 square feet in the first quarter of 2024. That’s down from the same period last year, when the typical new home had a median floor area of 2,256 square feet, and the lowest reading since 2009, according to the National Association of Home Builders.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 10:

  • New Listings increased 4.3% to 1,485
  • Pending Sales decreased 17.3% to 906
  • Inventory increased 12.9% to 9,589

FOR THE MONTH OF JULY:

  • Median Sales Price increased 2.7% to $385,000
  • Days on Market increased 24.7% to 36
  • Percent of Original List Price Received decreased 1.3% to 99.5%
  • Months Supply of Homes For Sale increased 18.2% to 2.6

All comparisons are to 2023

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Weekly Report

July Housing Market Update

Listings up but sales down as buyers eye lower mortgage rates ahead

  • Signed purchase agreements fell 4.2%; new listings up 7.2%
  • The median sales price increased 2.7% to $385,000
  • Market times rose 24.1% to 36 days; inventory up 11.4% to 9,398

(August 15, 2024) – According to new data from Minneapolis Area REALTORS® and the Saint Paul Area Association of REALTORS®, seller activity rose in July compared to last year while buyers pulled back. Inventory and prices were higher.

Sellers, Buyers and Housing Supply
While the first quarter of 2024 was off to a good start, the second quarter was weaker. Homes were selling faster in January, February and March than last year. But homes were selling slower than a year ago in May, June and July. Sellers got stronger offers in January, February and March compared to last year. But then sellers accepted a smaller share of their list price in April, May, June and July. So, it’s important to put the current month’s activity for July in context. January and February of this year, for example, were abnormally warm, which allowed for more showings and sales. April, May and June all had higher than expected mortgage rates, which held back sales activity. Because of those variable factors and how they cloud apples-to-apples comparisons, it’s useful to assess market health based on a variety of time frames. To demonstrate, pending sales were down 4.2% for July but are up about 1.0% for the year. Market times were up 24.1% in July but are only up 4.8% so far this year.

Overall, seller activity has been rising modestly while buyer activity is relatively flat to up slightly for the year so far. That has also meant more inventory—also known as active listings or the number of homes for sale. But the inventory isn’t necessarily in the price buckets today’s home buyers want and need, and they may not be in the preferred market segment or location. Plus, it’s still squarely a seller’s market although not for all areas, segments or price points. Higher interest rates have stuck around, though there’s good evidence that will change. Most buyers (especially first-time) would agree that change can’t come soon enough as they’re still feeling the triple punch of rising prices, low inventory and higher mortgage rates. Plus, they lack the equity to use as a downpayment on the next home. There is a good amount of pent-up demand waiting for the affordability picture to improve. One concern is that as rates ease, demand will be unleashed, and buyers could find themselves in multiple-offer situations writing contracts for well over list price. That higher principle can negate any savings on monthly payments from lower mortgage rates. “It may very well be worth it to stomach a temporarily higher rate for a less competitive environment,” said Jamar Hardy, President of Minneapolis Area REALTORS®. “Buyers are eager for more supply, but we’re still finding consumers to be cautious and selective.”

Prices, Market Times and Negotiations
Each area and market segment are unique. The market-wide median sales price rose to $385,000, but new single-family homes tended to fetch $540,000 while existing condos were nearer to $215,000. Overall, sellers accepted offers at 99.5% of their list price on average. That said, listings priced between $300,000-$500,000 got offers at 100.1% of list price while homes over $1M were 97.9%. Once again, all listings tended to sell in about 36 days, but new homes took closer to 76 days to sell while existing homes got offers within 31 days. Single family homes are selling after 32 days, but condos are taking 63 days. “A slight slowdown in the second quarter activity is likely to change for the better as interest rates continue to ease,” said Amy Peterson, President of the Saint Paul Area Association of REALTORS®. “But those lower rates will mean more buyers in the pipeline who’ve felt priced out of the market previously will be home shopping again. Lots of people have that same idea so offer strategies could change with a more competitive market.”

Location & Property Type
As noted, housing markets are not homogeneous. New home sales outperformed existing home sales while condo sales fell much more than single family. Sales over $500,000 performed better than sales under $500,000, as higher-end buyers are less rate-sensitive. Cities such as Columbus, Hudson, Corcoran and Hanover saw among the largest sales gains while Mounds View, Orono, Medina and Victoria all had notably weaker demand. For cities with at least five sales, the highest priced areas were Wayzata, Independence, Orono and North Oaks while the most affordable areas were Lauderdale, North St. Paul, St. Paul Park and Oakdale.

From The Skinny Blog.

The Skinny

Weekly Market Report

For Week Ending August 3, 2024

The average rate on a 30-year mortgage fell to 6.73% the week ending August 1, 2024, the lowest level since early February, according to Freddie Mac. As a result, mortgage applications increased 6.9% on a seasonally adjusted basis from the previous week, boosted by a surge in refinance applications, which jumped 16%, while purchase applications rose 1%, per the Mortgage Bankers Association’s Weekly Applications Survey.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 3:

  • New Listings decreased 0.2% to 1,440
  • Pending Sales decreased 0.4% to 1,052
  • Inventory increased 12.8% to 9,511

FOR THE MONTH OF JUNE:

  • Median Sales Price increased 1.8% to $390,000
  • Days on Market increased 12.9% to 35
  • Percent of Original List Price Received decreased 1.2% to 100.1%
  • Months Supply of Homes For Sale increased 19.0% to 2.5

All comparisons are to 2023

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Weekly Report

Weekly Market Report

For Week Ending July 27, 2024

According to ATTOM’s Q2 2024 U.S. Home Affordability Report, median priced single-family homes and condos were less affordable compared to historical averages in 99% of counties nationwide in the second quarter of the year. With sales prices on the rise, major homeownership expenses now require 35.1% of the average national wage, up from 31.9% in the first quarter, and the highest level since 2007.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 27:

  • New Listings increased 7.0% to 1,475
  • Pending Sales decreased 11.6% to 959
  • Inventory increased 11.7% to 9,383

FOR THE MONTH OF JUNE:

  • Median Sales Price increased 1.8% to $390,000
  • Days on Market increased 12.9% to 35
  • Percent of Original List Price Received decreased 1.2% to 100.1%
  • Months Supply of Homes For Sale increased 19.0% to 2.5

All comparisons are to 2023

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Weekly Report

June Monthly Skinny Video

Monthly Skinny Video

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Testimonials

My fiancé & I purchased our 1st home thru Joe Kasel. We had a great experience start to finish!
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Alex & Kelsey S.


Thank you for being my Realtor.  What you did to get my lake home SOLD was phenomenal ! It was my l
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Jean F.


We LOVE our new home & location! We appreciate all your time & expertise! It has been a plea
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Joe helped my fiancé & myself find our 1st home. He was quick to respond when we found somethin
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, Roseville, MN


My husband Michael accepted a new job and our family needed to relocate as quick as possible from Ra
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, Shoreview, MN


Thanks for doing such a great job marketing our home in Arden Hills! It is hard to believe that it w
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, Roseville, MN


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, Arden Hills


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Bill
, Arden Hills ----mothers' home sold in St. Anthony Village, MN


We could of never accomplished our goals without your help! How often does a Realtor approach the ow
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, North Oaks, MN & St. Anthony Village, MN


Back in November of 2009, we decided to sell our town home. We interviewed a number of realtors, but
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, New Brighton,MN


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John & Judy
, New Brighton, MN


In today’s real estate market, Joe knows exactly what to do!    Throughout the sales cycl
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, NE Minneapolis, MN


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JOE KASEL
Sales Executive
612-532-1177
Joe@KaselHomes.com

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