Rental prices are rising at the slowest pace in 19 months, with rents up 3.4% nationally as of last measure, marking the 10th consecutive month of slowing rent growth, according to Realtor.com’s recent Rental Report. Among the 50 largest metropolitan markets, the median asking rent declined $22 month-to-month to $1,712 and was down $69 from July 2022’s peak of $1,781. Rents in Sun Belt markets slowed at a faster rate than rents in the Midwest and in big metros such as Boston, Chicago, and New York, which have seen stronger rental growth this year.

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

• New Listings decreased 22.7% to 331
• Pending Sales decreased 29.0% to 409
• Inventory increased 20.2% to 6,582

FOR THE MONTH OF NOVEMBER:

• Median Sales Price increased 4.4% to $354,900
• Days on Market increased 33.3% to 40
• Percent of Original List Price Received decreased 2.6% to 97.2%
• Months Supply of Homes For Sale increased 50.0% to 1.8

All comparisons are to 2021

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

Elevated mortgage rates continue to take a toll on the construction industry, with housing permits for new homes falling 11.2% in November, according to the Commerce Department. Housing starts were down 0.5% over the same time period, with the annual rate of housing starts down 16.4% from the previous year. Overall construction was strongest in the West and the South, while single-family construction was strongest in the West and Northeast.

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

• New Listings decreased 5.6% to 303
• Pending Sales decreased 20.8% to 449
• Inventory increased 18.8% to 6,881

FOR THE MONTH OF NOVEMBER:

• Median Sales Price increased 4.1% to $354,000
• Days on Market increased 33.3% to 40
• Percent of Original List Price Received decreased 2.6% to 97.2%
• Months Supply of Homes For Sale increased 50.0% to 1.8

All comparisons are to 2021

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

Mortgage rates continued their downward trend of recent weeks, as the 30-year fixed-rate mortgage averaged 6.31% the week ending 12/15, according to Freddie Mac. Mortgage rates have fallen for the past 5 weeks, declining by more than three-quarters of a percent in that time, and are at their lowest level since September. The drop in rates has resulted in an uptick in mortgage refinance demand, which increased 6% from the previous week, according to the Mortgage Bankers Association.

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

• New Listings decreased 11.1% to 531
• Pending Sales decreased 23.2% to 633
• Inventory increased 17.1% to 7,258

FOR THE MONTH OF NOVEMBER:

• Median Sales Price increased 4.1% to $354,000
• Days on Market increased 33.3% to 40
• Percent of Original List Price Received decreased 2.6% to 97.2%
• Months Supply of Homes For Sale increased 50.0% to 1.8

All comparisons are to 2021

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