According to the NAHB / Wells Fargo Housing Opportunity Index, nationally, only 42.8% of new and existing homes sold in the second quarter of 2022 were considered affordable to a family earning the U.S. median income of $90,000, based on standard mortgage underwriting criteria. This is a steep decline from the first quarter of 2022, when 56.9% of homes were considered affordable to median income families, with housing affordability falling to its lowest level since the Great Recession.
In the Twin Cities region, for the week ending August 27:
• New Listings decreased 26.1% to 1,243
• Pending Sales decreased 32.3% to 1,008
• Inventory increased 2.7% to 8,868
For the month of July:
• Median Sales Price increased 7.1% to $375,000
• Days on Market increased 15.8% to 22
• Percent of Original List Price Received decreased 2.0% to 101.5%
• Months Supply of Homes For Sale increased 20.0% to 1.8