The average American household spent 24.2% of their income on mortgage payments in the first three months of the year, according to the National Association of Realtors®, down from 26.1% the previous quarter. Assuming a 20% down payment, the typical monthly mortgage payment on an existing single family home was $2,037 in the first quarter, an increase of 9.3%, or $173 per month, compared to the same period a year ago.
In the Twin Cities region, for the week ending June 1:
• New Listings decreased 3.8% to 1,463
• Pending Sales decreased 5.0% to 960
• Inventory increased 14.0% to 8,450
For the month of April:
• Median Sales Price increased 4.1% to $385,000
• Days on Market remained flat at 46
• Percent of Original List Price Received decreased 0.2% to 99.9%
• Months Supply of Homes For Sale increased 23.5% to 2.1