For Week Ending July 1, 2023
Buyers everywhere are feeling the crunch when home shopping this year, but middle-income households—those earning up to $75,000 per year—are perhaps experiencing the strongest competition overall due to a shortage of homes in their price range. The National Association of REALTORS® reports the market is currently short approximately 320,000 listings priced up to $256,000, which is considered the affordability range for middle-income buyers. As a result, these buyers can afford to purchase just 23% of all listings nationwide, a stark contrast to just 5 years earlier, when the same group could afford half of all homes on the market.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 1:
- New Listings decreased 18.0% to 1,185
- Pending Sales decreased 6.8% to 1,187
- Inventory decreased 12.0% to 7,670
FOR THE MONTH OF MAY:
- Median Sales Price decreased 1.3% to $370,000
- Days on Market increased 65.2% to 38
- Percent of Original List Price Received decreased 2.9% to 101.1%
- Months Supply of Homes For Sale increased 35.7% to 1.9
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
