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.

For Week Ending January 4, 2025

U.S. pending home sales recently hit a 21-month high, rising 2.2% month-over-month, marking the fourth consecutive month in which contract signings increased, according to the National Association of REALTORS®. On a monthly basis, pending sales increased in the Midwest, South, and West but decreased in the Northeast. Annual gains were reported in all four regions.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 4:

• New Listings decreased 18.9% to 710
• Pending Sales decreased 10.1% to 426
• Inventory increased 3.3% to 7,191

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.