U.S. housing starts declined in 2022, as homebuilders scaled back production due to high construction costs, affordability challenges, and a pullback in buyer demand. According to the U.S. Census Bureau, 1.55 million homes were started last year, a 3% drop from the previous year, and the first annual decline since 2009. However, housing completions increased, with 1.39 million homes completed in 2022, a 3.8% increase from the previous year, when 1.34 million homes were completed.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 28:
- New Listings decreased 17.5% to 724
- Pending Sales decreased 17.8% to 676
- Inventory increased 20.4% to 5,957
FOR THE MONTH OF DECEMBER:
- Median Sales Price increased 5.1% to $348,320
- Days on Market increased 47.1% to 50
- Percent of Original List Price Received decreased 3.2% to 96.3%
- Months Supply of Homes For Sale increased 55.6% to 1.4
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.