70% of metropolitan areas saw the median existing-home sales price rise by double digits annually in the first quarter of 2022, up from 66% of metro areas in the previous quarter, according to the National Association of REALTORS® (NAR) latest quarterly report. In 27 U.S. markets, buyers needed at least $100,000 annual income to afford a 10% down payment, with first time buyers typically spending 28.4% of monthly income on mortgage payments, exceeding the 25% threshold NAR considers unaffordable.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING APRIL 30:
- New Listings decreased 4.8% to 1,731
- Pending Sales decreased 9.3% to 1,424
- Inventory decreased 6.9% to 5,576
FOR THE MONTH OF MARCH:
- Median Sales Price increased 7.8% to $354,077
- Days on Market decreased 10.3% to 35
- Percent of Original List Price Received increased 0.8% to 102.7%
- Months Supply of Homes For Sale remained flat at 1.0
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.