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Advocacy Report – April 2023

SPAAR - 04/20/2023

APRIL 2023

April is Fair Housing Month

The Fair Housing Act, passed in 1968, prohibits discrimination concerning the sale, rental, and financing of housing based on race, religion, sex or national origin. In 1988, the Fair Housing Act was amended to include disability and family status. As a follow up to the Civil Rights Act of 1964, the Fair Housing Act was the final great legislative achievement of the Civil Rights Era.

Before this legislation was passed, in Minnesota and throughout the country, the real estate industry prevented all kinds of people from access to quality housing and wealth through homeownership. The Fair Housing Act was the first step to remedying this injustice. Since its passage in 1968, the Fair Housing Act has contributed to the country’s continued integration and has increased protected classes’ access to quality housing and homeownership.

The Fair Housing Act is a vital piece of legislation from the Civil Rights Era and it continues to protect many Americans from discrimination in housing. We at SPAAR are committed to the goals outlined in the Fair Housing Act. We would also like to highlight our community partners that have re-proclaimed their dedication to fair housing: Arden Hills, Centerville, Little Canada, Oakdale, Rosemount, Roseville, and Saint Paul.

For more information on Fair Housing Month and SPAAR's Fair Housing Month activities, visit SPAAR's website. Also be sure to check out the Fair Housing Month toolkit.

 

Current Market Conditions

Nationally, existing home sales jumped 14.5% month-over-month as of last measure, the first monthly gain in 12 months, and representing the largest monthly increase since July 2020, according to the National Association of Realtors® (NAR). The sudden uptick in sales activity stems from contracts signed toward the beginning of the year, when mortgage rates dipped to the low 6% range, causing a surge in homebuyer activity. Pending sales have continued to improve heading into spring , increasing for the third consecutive month, according to NAR.

New Listings in the Twin Cities region decreased 23.9 percent to 4,980. Pending Sales were down 27.9 percent to 3,767. Inventory levels rose 2.1 percent to 5,769 units.

Prices were fairly stable. The Median Sales Price held steady at $355,000. Days on Market was up 62.9 percent to 57 days. Buyers felt empowered as Months Supply of Homes for Sale was up 27.3 percent to 1.4 months.

Monthly sales might have been even higher if not for limited inventory nationwide. At the current sales pace, there were just 2.6 months’ supply of existing homes at the beginning of March, far below the 4 – 6 months’ supply of a balanced market. Inventory remains suppressed in part because of mortgage interest rates, which nearly hit 7% before falling again in recent weeks. Higher rates have continued to put downward pressure on sales prices, and for the first time in more than a decade, national home prices were lower year-over-year, according to NAR, breaking a 131- month streak of annual price increases.

For more information, visit SPAAR's website.

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