Market Report

  • Homebuilding off to slow start in 2023

    Homebuilding off to slow start in 2023

    Twin Cities homebuilding activity continues to stall as mortgage rates hold homebuyers on the sidelines. Metro builders pulled permits for 328 single-family homes in January, a 46% drop from January of last year. Multifamily construction in the Twin Cities hit a slump as well with a 53% drop in total permitted units from this time… Read More

  • The 2022 metro housing market; a tale of two markets

    The 2022 metro housing market; a tale of two markets

    According to new data from Minneapolis Area REALTORS® and the St. Paul Area Association of REALTORS®, the Twin Cities housing market last year was a tale of two markets. The first half of 2022 reflected much of the all-out frenzied feeling of the previous year and a half. Fierce and competitive buyer activity with multiple… Read More

  • Mortgage rates rise again

    Mortgage rates rise again

    The housing market over the last few years can largely be described as a fiercely competitive environment that was fueled by historically low interest rates and little available inventory across much of the metro and state. However, the second half of 2022 marked a shift in buying activity as the Federal Reserve began to raise… Read More

  • Location still number one desired feature for homebuyers

    Location still number one desired feature for homebuyers

    According to a recent consumer survey by Zonda location is still the number one feature homebuyers are looking for in their new home, followed by home design and price. Zonda principal Mollie Carmichael shared her insights on the new survey results fromover 60,000 consumers during her most recent outlook webinar on 2023 consumer trends. “It’s… Read More

  • Report showcases trends in new construction buyers’ habits

    Report showcases trends in new construction buyers’ habits

    Zillow’s 2023 New Construction Consumer Housing Trends Report delves into the latest trends and insights shaping the new construction homebuyer industry As the housing market continues to evolve and adapt to changing consumer demands, Zillow has released its 2023 New Construction Consumer Housing Trends Report. The report delves into the latest trends and insights shaping… Read More

  • Home Price Growth Stagnates as Rates Dampen Market Activity

    Home Price Growth Stagnates as Rates Dampen Market Activity

    Higher mortgage rates and overall affordability woes are leading to drop off in activity in the Twin Cities housing market on both the buyer and seller ends of the spectrum. Consequently, the median home price in the metro area saw a minute 0.6 percent growth to $342,000 in February. Moreover, the overall housing market is… Read More

  • Despite Headwinds, Builder Confidence Grows in February
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    Despite Headwinds, Builder Confidence Grows in February

    Homebuilder sentiment rose for the second consecutive month, according to the latest report from the National Association of Homebuilders. Builder confidence in the market increased seven points in February to 42 – the second strongest reading since September 2022. This latest report, driven by softening mortgage rates and increasing demand for inventory, comes despite rising… Read More

  • Home Price Growth Returns to Historic Norms

    According to new data from Minneapolis Area REALTORS® and the St. Paul Area Association of REALTORS®, the Twin Cities market started to show signs of a return to normalcy in February. The median home sale price was up 2.7 percent to $341,995. This is compared to nearly three years of about 10 percent year-over-year increases. According to… Read More

  • NAHB housing forecast predicts homebuilding activity to fall in 2023
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    NAHB housing forecast predicts homebuilding activity to fall in 2023

    The National Association of Homebuilders is projecting that single-family production will fall to in 2023, but start to rebound in 2024. NAHB made their annual forecast at this year’s International Builders Show in Las Vegas. NAHB’s chief economist Robert Dietz notes that the 2023 declines in building activity will feel more dramatic as production was… Read More

  • Higher mortgage rates sidelined buyers in 2022

    Higher mortgage rates sidelined buyers in 2022

    According to new data from Minneapolis Area REALTORS® and the St. Paul Area Association of REALTORS®, the Twin Cities housing market last year was a tale of two markets. The first half of 2022 reflected much of the all-out frenzied feeling of the previous year and a half. Fierce and competitive buyer activity with multiple… Read More