According to a National Association of Home Builders analysis of Census Bureau data, the lot size of new construction homes is getting smaller. The median lot size for single-family homes sold in 2019 was 8,177 square feet, or .188 acres, its smallest on record. While lot sizes vary by region due to population density, the availability of land, and local regulations, shrinking lot sizes is one way to help partially offset the increasing costs of building a new home.

In the Twin Cities region, for the week ending October 10:

• New Listings increased 12.4% to 1,705
• Pending Sales increased 25.2% to 1,375
• Inventory decreased 30.2% to 9,091

For the month of September:

• Median Sales Price increased 10.8% to $310,000
• Days on Market decreased 15.9% to 37
• Percent of Original List Price Received increased 2.0% to 100.5%
• Months Supply of Homes For Sale decreased 33.3% to 1.8

All comparisons are to 2019

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

As the weather continues to cool, real estate activity slowly cools along with it. While buyer activity is following its normal seasonal trend lower, it remains substantially higher than the same time last year, continuing a months-long trend. Strong buyer demand continues to draw down the available inventory of homes for sale at a rapid pace, leaving buyers with fewer homes to choose from and many sellers with multiple offers.

In the Twin Cities region, for the week ending October 3:

• New Listings increased 10.4% to 1,702
• Pending Sales increased 19.1% to 1,493
• Inventory decreased 29.7% to 9,234

For the month of August:

• Median Sales Price increased 9.8% to $315,000
• Days on Market decreased 4.9% to 39
• Percent of Original List Price Received increased 1.3% to 100.3%
• Months Supply of Homes For Sale decreased 30.8% to 1.8

All comparisons are to 2019

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

The Mortgage Bankers Association reported that the share of mortgages currently in forbearance dropped to 6.93% as of September 13, 2020, the 15th weekly decline in a row and its lowest level in five months. The share of mortgages in forbearance peaked in June at 8.55%. The continued decline is a positive sign, but current levels suggest many homeowners are still struggling from unemployment or underemployment due to the pandemic.

In the Twin Cities region, for the week ending September 26:

• New Listings increased 11.2% to 1,747
• Pending Sales increased 27.7% to 1,449
• Inventory decreased 31.1% to 9,154

For the month of August:

• Median Sales Price increased 9.8% to $315,000
• Days on Market decreased 4.9% to 39
• Percent of Original List Price Received increased 1.3% to 100.3%
• Months Supply of Homes For Sale decreased 30.8% to 1.8

All comparisons are to 2019

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

In the latest National Association of Home Builders / Wells Fargo Housing Market Index report released this week, home builder confidence in the market for newly-built single-family homes rose five points from 78 in August to 83 in September, tying an all-time high in the 35-year history of the index. While lumber prices are up 170% from mid-April, adding more than $16,000 to the price of a typical new single-family home, strong demand by homebuyers has buoyed builders’ outlook.

In the Twin Cities region, for the week ending September 19:

• New Listings increased 8.6% to 1,854
• Pending Sales increased 25.8% to 1,527
• Inventory decreased 31.2% to 9,076

For the month of August:

• Median Sales Price increased 9.8% to $315,000
• Days on Market decreased 4.9% to 39
• Percent of Original List Price Received increased 1.3% to 100.3%
• Months Supply of Homes For Sale decreased 30.8% to 1.8

All comparisons are to 2019

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