Housing Update Hennepin County

• Inventory increased 8.6% to 8,732 For the month of October:

– Local Market Update – October 2022 For Week Ending November 12, 2022 763-251-7966 @ Goto: https://vanmillrealestate.com Quick Facts Publish Date: November 21, 2022 • All comparisons are to 2021 Weekly Market Activity Report + 8.6% Change in New Listings Change in Pending Sales Change in Inventory Homeownership was up slightly in the third quarter of 2022, with the percentage of owner-occupied households rising 0.6 points from the same period last year to 66% nationally, according to Federal Reserve Economic Data FRED.

The homeownership rate has continued to increase despite higher sales prices and a significant increase in mortgage rates this year, illustrating that buyer demand persists, especially in markets where the median listing prices were below the national median. In the Twin Cities region, for the week ending November 12:

• New Listings decreased 23.2% to 866

• Pending Sales decreased 42.8% to 691

• Median Sales Price increased 4.6% to $355,500 •

Days on Market increased 33.3% to 36 •

Percent of Original List Price Received decreased 2.1% to 98.2%

• Months Supply of Homes For Sale increased 26.7% to 1.9

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