As housing inventory builds up, an increasing number of U.S. homebuilders have been making price reductions to help boost new-home sales. According to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), 37% of builders reported cutting prices in June, up from 34% in May. The average price reduction was 5%, while the use of sales incentives, including mortgage rate buydowns, rose slightly to 62%.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 12:

• New Listings increased 9.9% to 1,843
• Pending Sales increased 3.9% to 949
• Inventory increased 5.8% to 9,901

FOR THE MONTH OF JUNE:

• Median Sales Price increased 2.8% to $401,000
• Days on Market increased 11.4% to 39
• Percent of Original List Price Received decreased 0.1% to 100.0%
• Months Supply of Homes For Sale increased 4.0% to 2.6

All comparisons are to 2024

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.