Weekly Market Activity Report for Week Ending October 14 Tags: Market DataWeekly Market Activity Reports

According to ATTOM’s Q3 2023 U.S. Home Affordability Report, median priced single-family homes and condos were less affordable compared to historical averages in 99% of counties nationwide in the 3rd quarter of 2023. Home sale prices have continued to rise across the country, and with mortgage rates above 7%, major homeownership expenses now take up 35% of the average national wage, the highest level since 2007, and well above the 28% affordability standard commonly used by many lenders.

In the Twin Cities region, for the week ending October 14:

•New Listings decreased 8.8% to 1,187
•Pending Sales decreased 6.3% to 800
•Inventory decreased 7.8% to 8,813

For the month of September:

•Median Sales Price increased 2.4% to $371,000
•Days on Market increased 6.3% to 34
•Percent of Original List Price Received increased 0.4% to 99.3%
•Months Supply of Homes For Sale increased 20.0% to 2.4