Weekly Housing Market Activity Report for the Twin Cities

Weekly Housing Market Activity Report for the Twin Cities

For Week Ending August 27, 2022

Publish Date: September 6, 2022 • All comparisons are to 2021

42.8% of new and existing homes sold in the second quarter of 2022 were
considered affordable to a family earning the U.S. median income of $90,000,
based on standard mortgage underwriting criteria. This is a steep decline from the
first quarter of 2022, when 56.9% of homes were considered affordable to median
income families, with housing affordability falling to its lowest level since the Great
Recession.
In the Twin Cities region, for the week ending August 27:
• New Listings decreased 26.1% to 1,243
• Pending Sales decreased 32.3% to 1,008
• Inventory increased 2.7% to 8,868
For the month of July:
• Median Sales Price increased 7.1% to $375,000
• Days on Market increased 15.8% to 22
• Percent of Original List Price Received decreased 2.0% to 101.5%
• Months Supply of Homes For Sale increased 20.0% to 1.8