Weekly Housing Market Activity Report for the Twin Cities​

Weekly Housing Market Activity Report for the Twin Cities

For Week Ending October 16, 2021 Quick Facts
Publish Date: October 25, 2021 • All comparisons are to 2020

according to Freddie Mac, who reports that entry-level home construction
decreased from 418,000 units per year in the 1970s to 65,000 units per year in
2020. The shortage of starter homes has proven challenging to first-time buyers, as
many existing entry-level homes are being remodeled or demolished and replaced
by much larger homes, while those that remain have become significantly more
expensive, with sales prices increasing 64% from 2016, according to realtor.com.
In the Twin Cities region, for the week ending October 16:
• New Listings decreased 10.4% to 1,433
• Pending Sales decreased 12.7% to 1,305
• Inventory decreased 16.8% to 8,159
For the month of September:
• Median Sales Price increased 10.0% to $341,000
• Days on Market decreased 37.8% to 23
• Percent of Original List Price Received increased 0.7% to 101.2%
• Months Supply of Homes For Sale decreased 21.1% to 1.5