The percentage of first-time home buyers fell to 31% in June, the lowest level in more than 3 decades, according to the National Association of REALTORS®. Cash offers, bidding wars, and soaring home prices are making it increasingly difficult for first-time buyers to compete in a market with record low inventory and declining housing affordability, even as 30-year mortgage rates dropped below 3 percent for the first time since February.
In the Twin Cities region, for the week ending July 31:
- New Listings decreased 1.6% to 1,832
- Pending Sales decreased 10.4% to 1,476
- Inventory decreased 25.9% to 7,427
For the month of June:
- Median Sales Price increased 14.8% to $350,000
- Days on Market decreased 52.4% to 20
- Percent of Original List Price Received increased 4.5% to 104.1%
- Months Supply of Homes For Sale decreased 42.9% to 1.2
All comparisons are to 2020
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.