For Week Ending January 11, 2025
Higher mortgage rates, coupled with rising sales prices, continue to impact buyer preferences for smaller homes. According to the U.S. Census Bureau, the typical single-family home under construction had a median floor area of 2,158 square feet in the third quarter of 2024, down from 2,214 square feet in the third quarter of 2023. The average size of new single-family homes started in the third quarter dropped to 2,384 square feet, down from an average of 2,434 square feet one year earlier.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 11:
- New Listings increased 9.7% to 1,006
- Pending Sales decreased 7.7% to 529
- Inventory decreased 2.0% to 6,857
FOR THE MONTH OF DECEMBER:
- Median Sales Price increased 4.6% to $370,000
- Days on Market increased 9.8% to 56
- Percent of Original List Price Received increased 0.3% to 97.0%
- Months Supply of Homes For Sale decreased 5.3% to 1.8
All comparisons are to 2024
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.