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Weekly Market Activity Report for Week Ending September 23 Tags: Market DataWeekly Market Activity Reports

New-home construction recently fell to a 3-year low, as higher mortgage rates take their toll on homebuilders, impacting affordability and causing production to slow. According to the U.S. Census Bureau, housing starts dropped 11.3% from the previous month, led by a decline in multi-family construction. Although starts fell more than economists predicted, building permits increased over the same period, rising 6.9% from the previous month.

In the Twin Cities region, for the week ending September 23:

• New Listings decreased 3.8% to 1,252
• Pending Sales decreased 10.0% to 894
• Inventory decreased 8.7% to 8,707

For the month of August:

• Median Sales Price increased 2.7% to $380,000
• Days on Market increased 18.5% to 32
• Percent of Original List Price Received increased 0.1% to 100.0%
• Months Supply of Homes For Sale increased 15.8% to 2.2