Single-family housing starts fell 8% to a seasonally adjusted annual rate of 1.43 million in June, according to a joint report from the U.S. Census Bureau and the Department of Housing and Urban Development, as higher interest rates and supply chain challenges continue to impact homebuilders and slow construction activity. Despite the decline, however, single-family permits were up 2.2% monthover-month, the highest pace since June 2022, according to the report.
In the Twin Cities region, for the week ending July 29:
• New Listings decreased 9.3% to 1,340
• Pending Sales decreased 8.7% to 1,077
• Inventory decreased 14.4% to 7,972
For the month of June:
• Median Sales Price increased 0.5% to $382,000
• Days on Market increased 47.6% to 31
• Percent of Original List Price Received decreased 1.9% to 101.3%
• Months Supply of Homes For Sale increased 17.6% to 2.0