The U.S. Department of Housing and Urban Development released their December housing report this week showing overall housing starts increased by a seasonally adjusted annual rate of 1.67 million units. Single-family housing starts increased 12 percent to a 1.34 million unit seasonally adjusted annual rate, the highest level since September 2006. Expectations are for further increases in building activity in 2021, though rising material costs and a lack of buildable lots and labor will temper activity and affect affordability.
In the Twin Cities region, for the week ending January 23:
- New Listings decreased 4.6% to 899
- Pending Sales increased 9.1% to 879
- Inventory decreased 40.6% to 5,056
For the month of December:
- Median Sales Price increased 10.0% to $307,000
- Days on Market decreased 30.4% to 39
- Percent of Original List Price Received increased 2.5% to 99.7%
- Months Supply of Homes For Sale decreased 41.2% to 1.0
All comparisons are to 2020
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.