Homeownership was up slightly in the third quarter of 2022, with the percentage of owner-occupied households rising 0.6 points from the same period last year to 66% nationally, according to Federal Reserve Economic Data (FRED). The homeownership rate has continued to increase despite higher sales prices and a significant increase in mortgage rates this year, illustrating that buyer demand persists, especially in markets where the median listing prices were below the national median.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING NOVEMBER 12:
- New Listings decreased 23.2% to 866
- Pending Sales decreased 42.8% to 691
- Inventory increased 8.6% to 8,732
FOR THE MONTH OF OCTOBER:
- Median Sales Price increased 4.6% to $355,500
- Days on Market increased 33.3% to 36
- Percent of Original List Price Received decreased 2.1% to 98.2%
- Months Supply of Homes For Sale increased 26.7% to 1.9
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.