For Week Ending October 14, 2023
According to ATTOM’s Q3 2023 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 3rd quarter of 2023. Home sale prices have continued to rise across the country, and with mortgage rates above 7%, major homeownership expenses now take up 35% of the average national wage, the highest level since 2007, and well above the 28% affordability standard commonly used by many lenders.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 14:
- New Listings decreased 8.8% to 1,187
- Pending Sales decreased 6.3% to 800
- Inventory decreased 7.8% to 8,813
FOR THE MONTH OF SEPTEMBER:
- Median Sales Price increased 2.4% to $371,000
- Days on Market increased 6.3% to 34
- Percent of Original List Price Received increased 0.4% to 99.3%
- Months Supply of Homes For Sale increased 20.0% to 2.4
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.