Weekly Housing Market Activity Report for the Twin Cities

Weekly Housing Market Activity Report for the Twin Cities

For Week Ending January 28, 2023
Publish Date: February 6, 2023 • All comparisons are to 2022

to high construction costs, affordability challenges, and a pullback in buyer
demand. According to the U.S. Census Bureau, 1.55 million homes were started
last year, a 3% drop from the previous year, and the first annual decline since 2009.
However, housing completions increased, with 1.39 million homes completed in
2022, a 3.8% increase from the previous year, when 1.34 million homes were
completed.
In the Twin Cities region, for the week ending January 28:
• New Listings decreased 17.5% to 724
• Pending Sales decreased 17.8% to 676
• Inventory increased 20.4% to 5,957
For the month of December:
• Median Sales Price increased 5.1% to $348,320
• Days on Market increased 47.1% to 50
• Percent of Original List Price Received decreased 3.2% to 96.3%
• Months Supply of Homes For Sale increased 55.6% to 1.4