MAR will be closed on Wednesday, 6/19 in honor of Juneteenth. Regular hours and service will resume Thursday, 6/20.
Weekly Market Activity Report for Week Ending July 1 Tags: Market DataWeekly Market Activity Reports

Buyers everywhere are feeling the crunch when home shopping this year, but middle-income households—those earning up to $75,000 per year—are perhaps experiencing the strongest competition overall due to a shortage of homes in their price range. The National Association of REALTORS® reports the market is currently short approximately 320,000 listings priced up to $256,000, which is considered the affordability range for middle-income buyers. As a result, these buyers can afford to purchase just 23% of all listings nationwide, a stark contrast to just 5 years earlier, when the same group could afford half of all homes on the market.

In the Twin Cities region, for the week ending July 1:

• New Listings decreased 18.0% to 1,185
• Pending Sales decreased 6.8% to 1,187
• Inventory decreased 12.0% to 7,670

For the month of May:

• Median Sales Price decreased 1.3% to $370,000
• Days on Market increased 65.2% to 38
• Percent of Original List Price Received decreased 2.9% to 101.1%
• Months Supply of Homes For Sale increased 35.7% to 1.9