Opening the door to dream homes
for families in all stages of life.

Chuck Brusven, Realtor
Direct: 612-760-6400
Email: cbrusven@msn.com
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Skyline

Real Estate
Market Update
for
July 2022


Twin Cities Area

June
 2021
June
2022
Percent Change
(compared to prior year)
New Listings 8,468 7,901 - 6.7%
Active Listings 7,302 8,020 + 9.8%
Months Supply 1.3 1.6 + 9.8%
Pending Sales 6,792 5,544 - 18.4%
Med Sales Price $349,900 $389,000 + 11.2%
Days on Market 20 21 + 5.0%
Avg Sales Price $407,285 $446,881 + 9.7%
Price/SqFt $193 $210 + 8.4%


Based on information from the Minneapolis Area Association of REALTORS, Inc. Data collected from the REGIONAL MULTIPLE LISTING SERVICE OF MINNESOTA, INC., for properties in the 13-county region exclusively.

If you would like to see statistics and market trends for your city
or neighborhood, email me today for a more specific details.

Ask for a Free Market Analysis of your Home!

 

Chuck 

Contact for help with your real estate needs from a FULL TIME Realtor.

Chuck Brusven

MN Licensed Realtor
(612) 760-6400
cbrusven@msn.com
www.cbrusven.com

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As a real estate agent in the Twin Cities, I pride myself on having the experience and a deep understanding of the local market and how various changes affect home prices in our area. If you are considering buying or selling a home in the near future, I'd love to provide you with a complimentary market analysis to get the process started. It's important to have a base understanding of what's happening in your target area so you know what to expect for pricing, time on market, etc. Just shoot me a quick email or give me a call and I can get information over to you on your neighborhood. Have a great day!


Twin Cities Area Housing Overview

Nationally the housing market experienced rising inflation, soaring home prices, and increased mortgage interest rates have combined to cause a slowdown in the U.S. housing market. To help quell inflation, which reached 8.6% as of last measure in May, the Federal Reserve raised interest rates by three quarters of a percentage point in June, the largest interest rate hike since 1994. Higher prices, coupled with 30-year fixed mortgage rates approaching 6%, have exacerbated affordability challenges and rapidly cooled demand, with home sales and mortgage applications falling sharply from a year ago.

Record-high home prices and surging mortgage interest rates are taking their toll on America's homebuilders, with builder confidence falling for the sixth consecutive month in June and dropping to its lowest level in two years, according to the National Association of Home Builders (NAHB). Buyer traffic is down, and as construction costs increase and housing affordability declines, construction on new homes is slowing, reflecting concerns among builders about current and future sales of new single­ family homes in the months ahead.

With monthly mortgage payments up more than 50% compared to this time last year, the rising costs of homeownership have sidelined many prospective buyers. Nationally, the median sales price of existing homes recently exceeded $400,000 for the first time ever, a 15% increase from the same period a year ago, according to the National Association of REALTORS. As existing home sales continue to soften nationwide, housing supply is slowly improving, with inventory up for the second straight month. In time, price growth is expected to moderate as supply grows; for now, however, inventory remains low, and buyers are feeling the squeeze of higher prices all around.

In the Twin Cities market inventory levels were up 9.8 percent and the overall Median Sales Price was up 8.6 percent to $380,000.  The property type with the largest price gain was the Townhomes segment, where prices increased 10.4 percent to $276,000. The price range that tended to sell the quickest was the $250,001 to $350,000 range at 22 days; the price range that tended to sell the slowest was the $1,000,001 and Above range at 70 days.


Twin Cities Area Historical Trends Last 10 Years
Single Family Homes and Townhomes - Rolling 12 Month Activity
Homes for Sale New Listings
Homes for Sale  new Listings 
Pending Sales Median Sales Price
Pending  sales Proce 
Days on the Market Freddie Mac Mortgage Trends (One Year)
Days on Market  Mortgage 

Now is one of the most favorable times in market history to sell a home and purchase a home at near record-low interest rates. The number of homes on the market indicates a 'seller's market' for home prices and low mortgage rates for home buyers. After experiencing the lowest mortgage interest rates, we do not expect a general uptick trend in interest rates in the near future. A slow and gradual rise in interest rates is realistic as the economy continues to improve. If the primary criteria is interest rates, this is the time to buy. Home loan rates continue to hover at all-time lows.

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If you are considering listing or purchase a home, email me today to discuss your specific situation and how you can benefit in today's real estate market.

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