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Weekly Market Activity Report for Week Ending March 16 Tags: Market DataWeekly Market Activity Reports

The U.S. homeownership rate declined in the fourth quarter of 2023, sliding 0.3% from the third quarter to 65.7% at year’s end, according to the Census Bureau’s Housing Vacancy Survey, as higher interest rates and a limited supply of inventory put homeownership out of reach for some buyers. The latest reading fell short of the 25-year average rate of 66.4%, with the less than 35 age group experiencing the largest quarterly decline in homeownership rate, at 0.6%.

In the Twin Cities region, for the week ending March 16:

• New Listings increased 25.7% to 1,310
• Pending Sales increased 11.8% to 935
• Inventory increased 13.3% to 6,989

For the month of February:

• Median Sales Price increased 4.6% to $358,000
• Days on Market decreased 3.3% to 59
• Percent of Original List Price Received increased 0.3% to 97.5%
• Months Supply of Homes For Sale increased 28.6% to 1.8