Market Report

  • Twin Cities housing prices hit record highs amid rising rates and increased inventory

    Twin Cities housing prices hit record highs amid rising rates and increased inventory

    The housing market in the Twin Cities has reached unprecedented levels, according to the latest report from Minneapolis Area REALTORS® and the Saint Paul Area Association of REALTORS®. Despite higher mortgage rates and an increase in inventory, home prices have continued to climb. Key highlights from the June 2024 report include: This year has seen… Read More

  • Construction industry reports some improvement in market conditions despite slowdown
    ,

    Construction industry reports some improvement in market conditions despite slowdown

    A recent survey of regional construction firms by the Minneapolis Federal Reserve shows that better days may be ahead despite a broad slowdown in construction activity and falling revenue. The survey gathers input from construction firms across the region and construction sectors including, nonresidential/commercial, infrastructure, residential and industrial. According to the Fed, firms that reported… Read More

  • National new home sales up compared to last fall

    National new home sales up compared to last fall

    New home sales were slow nationwide in October but were up in comparison to October 2022. According to Zonda, new home sales were at 656,766 in October on a seasonally adjusted annualized rate, down 2.1% from September, but up 29.4% compared to this time last year.              “The story for… Read More

  • Homebuilder confidence falls amidst rising mortgage rates

    Homebuilder confidence falls amidst rising mortgage rates

    Builder confidence is falling, and the housing market is beginning to reflect it. In August, builder confidence fell 6 points, followed by another 5-point drop in September. Read More

  • More affordable housing markets among the hottest in the U.S.

    More affordable housing markets among the hottest in the U.S.

    While home prices dipped nationwide in June, the nation’s hottest housing markets all saw modest price growth. The Realtor.com Market Hotness Index breaks down demand and supply by taking into account two aspects of the housing market: market demand, as measured by unique viewers per property on Realtor.com, and the pace of the market, as… Read More

  • Builders adapt to evolving housing market

    Builders adapt to evolving housing market

    The conversation regarding the housing market is largely centered around one factor: mortgage rates. The Federal Reserve started hiking rates last year in an attempt to tamp down on growing inflation. Since then, several increases in rates have led to mortgage rates jumping to over 7%. Consequently, the housing market has come to a standoff… Read More

  • Homebuilder confidence ticks up despite rate hurdles

    Homebuilder confidence ticks up despite rate hurdles

    Builder confidence rose one point in June, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). NAHB’s monthly survey measures sentiment from builders towards various market indices such as prospective buyer traffic and future sales expectations. This continued growth in builder confidence could be attributed to current conditions in the existing… Read More

  • Home prices in the Twin Cities soften, supply remains scarce

    Home prices in the Twin Cities soften, supply remains scarce

    According to new data from Minneapolis Area Realtors and St. Paul Area Association of Realtors, since last summer, housing prices have dropped 3.1% to a median sales price of $396,100. This is the largest annual decrease since December 2011. In the Twin Cities area, prices decreased significantly during April and May. However, in June, they… Read More

  • Gen Z: The future of homeownership

    Gen Z: The future of homeownership

    Keep your eye out: Gen Z is on the hunt for homes. Born between 1997 and 2012, many Gen Zers are beginning to graduate college and join the workforce. With this comes the desire to settle down in a place all their own, without having to deal with landlords and monthly rent. With pandemic graduations,… Read More

  • Federal Reserve raises rates, suggests a pause in hikes 

    Federal Reserve raises rates, suggests a pause in hikes 

    Throughout much of the spring, the housing market slowed to a pace not seen since before the pandemic began. Buyers have continued to pause their home searches due to overall economic uncertainties and continued increases in interest rates.  The Federal Reserve began raising rates last year in an attempt to put pressure on the overheated… Read More