The National Association of Home Builders’ latest Housing Trends Report found that in Q1 2021, 16% of American adults were looking to purchase a home in the next 12 months, up from 10% from a year ago and now at the highest level since Q1 2018. The Millennial generation saw the largest change in expectations year over year, with 32% planning to buy in the next 12 months, double the levels seen in Q1 2020.

In the Twin Cities region, for the week ending May 1:

• New Listings increased 10.8% to 1,730
• Pending Sales increased 25.5% to 1,534
• Inventory decreased 47.8% to 5,406

For the month of March:

• Median Sales Price increased 10.5% to $328,231
• Days on Market decreased 36.1% to 39
• Percent of Original List Price Received increased 2.7% to 101.9%
• Months Supply of Homes For Sale decreased 47.4% to 1.0

All comparisons are to 2020

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

A new analysis by housing giant Freddie Mac suggests that the U.S. housing market needs 3.8 million more single-family homes nationwide to meet demand. Sam Khater, Freddie Mac’s chief economist, noted “we should have almost four million more housing units if we had kept up with demand the last few years.” While new construction activity has increased in recent years, it has never fully recovered to its previous peak more than fifteen years ago.

In the Twin Cities region, for the week ending April 17:

• New Listings increased 19.0% to 1,582
• Pending Sales increased 45.3% to 1,481
• Inventory decreased 47.6% to 5,276

For the month of March:

• Median Sales Price increased 10.4% to $328,000
• Days on Market decreased 36.1% to 39
• Percent of Original List Price Received increased 2.7% to 101.9%
• Months Supply of Homes For Sale decreased 55.0% to 0.9

All comparisons are to 2020

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

Home prices are not the only rising cost for prospective homebuyers. ATTOM Data Solutions’ latest property tax analysis of nearly 87 million single-family homes in the U.S. found the average property tax bill rose 4.4 percent from 2019 to 2020, to an average of $3,719 for a single-family home. Nationwide, the average effective tax rate was 1.1% of the property’s value in 2020, down slightly from 1.14% in 2019.

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

• New Listings increased 27.1% to 1,658
• Pending Sales increased 20.8% to 1,249
• Inventory decreased 49.3% to 5,086

For the month of March:

• Median Sales Price increased 10.4% to $328,000
• Days on Market decreased 36.1% to 39
• Percent of Original List Price Received increased 2.7% to 101.9%
• Months Supply of Homes For Sale decreased 52.6% to 0.9

All comparisons are to 2020

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