Housing Industry News is your first resource for data and reports on the state of Minnesota’s housing market and industry.
Market Report December 2022
Homebuilding feels slowdown as rates continue to sideline buyers
Fluctuating interest rates and overall economic uncertainty are continuing to impact the housing market. Homebuilders in the Twin Cities are also feeling the slowdown. In the month of October, permits for new single-family homes were down 54% from the previous year. Overall affordability also continues to be a hurdle for potential buyers. The Twin Cities median home price in October was $356,000.