Market Report

  • 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

  • Homebuilder sentiment rises 

    Homebuilder sentiment rises 

    Market confidence is positive for the first time in nearly a year.  Builder confidence in the market for newly built single-family homes rose five points to 50 in May, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI).  This marks the first time since July 2022 that sentiment levels have… Read More

  • Survey illustrates economic impact on residential construction sector

    Survey illustrates economic impact on residential construction sector

    The Federal Reserve Bank of Minneapolis is offering its insights into conditions in the construction sector throughout much of the upper Midwest. Their recent survey, conducted last month, gauged the activity and near-term outlook of over 250 builders in both the residential and commercial construction space. Builders anticipate that the rest of 2023 will be… Read More