For Week Ending December 23, 2023
The median household income for U.S. homebuyers hit a record high of $107,000 recently, a 21.6% increase from a year ago, according to the National Association of REALTORS® 2023 Profile of Home Buyers and Sellers. Despite higher home prices and rising borrowing costs, the share of first-time buyers also grew, increasing from 26% in 2022 to 32% this year. Down payments continued to climb as well, with the typical down payment for first-time buyers averaging 8%, the highest share since 1997, according to the report.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 23:
- New Listings increased 37.3% to 453
- Pending Sales increased 20.7% to 571
- Inventory decreased 4.3% to 7,167
FOR THE MONTH OF NOVEMBER:
- Median Sales Price increased 2.2% to $362,600
- Days on Market remained flat at 40
- Percent of Original List Price Received increased 0.2% to 97.4%
- Months Supply of Homes For Sale increased 15.8% to 2.2
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.