For Week Ending August 5, 2023
According to ATTOM’s Q2 2023 Home Affordability Report, 98% of median-priced U.S. single-family homes and condos were less affordable than their historical averages in the second quarter of 2023, up from 94% in the first quarter, with the decline in affordability attributed in part to rising sales prices, which have continued to outpace wage growth. Nationally, median single-family home values rose 10% from the first quarter to the second quarter, with residents needing 33% of their income to cover major homeownership expenses, the highest level since 2007.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 5:
- New Listings decreased 11.9% to 1,400
- Pending Sales decreased 10.5% to 1,039
- Inventory decreased 14.2% to 7,975
FOR THE MONTH OF JUNE:
- Median Sales Price increased 0.5% to $382,000
- Days on Market increased 47.6% to 31
- Percent of Original List Price Received decreased 1.9% to 101.3%
- Months Supply of Homes For Sale increased 17.6% to 2.0
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.