Skyrocketing rents and surging homeownership costs are forcing many prospective buyers to remain in the rental market. With the national median existing-home price recently exceeding $400,000, and assuming a down payment of 3.5%, buyers would need to come up with $14,000 down toward the typical median-priced home. That’s a significant challenge for millions of renters, whom have a median savings of $1,500 or less, according to Harvard researchers’ State of the Nation’s Housing 2022 report.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JUNE 25:

• New Listings decreased 4.5% to 1,825
• Pending Sales decreased 25.0% to 1,221
• Inventory increased 6.8% to 7,974

FOR THE MONTH OF MAY:

• Median Sales Price increased 9.0% to $375,000
• Days on Market decreased 4.2% to 23
• Percent of Original List Price Received increased 0.1% to 104.1%
• Months Supply of Homes For Sale increased 27.3% to 1.4

All comparisons are to 2021

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