Market Information

Image for Metro Homebuilding Sees Retraction in November

Metro Homebuilding Sees Retraction in November

Twin Cities homebuilding declined in November with dips across all areas of the market. Homebuilders pulled permits for 516 single-family homes in November—a 2% drop in activity from last year. Additionally, builders reported 91 multifamily units under construction, a 48% decline from November 2024. Multifamily activity accounted for just a…

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Image for Multi-family bounces back in August, single-family stalls

Multi-family bounces back in August, single-family stalls

Homebuilding in the Twin Cities resulted in another mixed bag of movement in August, with multi-family posting significant gains while single-family saw a slight dip compared to last year. Overall, new construction permits decreased by 6% compared to last year. “Although permits are slightly below last year’s pace, homebuilding activity…

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Image for Mixed bag of movement for Twin Cities homebuilding in July

Mixed bag of movement for Twin Cities homebuilding in July

Homebuilding activity in the metro area was mixed for the month of July as single-family saw a healthy uptick while multifamily projects dropped significantly. Overall, homebuilding activity improved 13% over July of last year. Metro builders pulled 503 permits for single-family homes in June – a 15% increase in year-over-year…

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Image for Homebuilding Flat in the Twin Cities as Economic Headwinds Continue

Homebuilding Flat in the Twin Cities as Economic Headwinds Continue

Summer homebuilding in the Twin Cities metro is continuing to feel the squeeze of economic shifts. Overall homebuilding activity in the metro was statistically flat year-over-year. Metro builders pulled 541 permits for single-family homes in June – a 1% marginal increase in year-over-year activity. Multifamily construction, however, reported 189 units…

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Image for Economic Headwinds Stifle Summer Homebuilding

Economic Headwinds Stifle Summer Homebuilding

Mounting economic stressors are creating pressure on homebuilding activity in the Twin Cities. Metro builders pulled 590 permits for single-family homes in May – an 11% reduction in year-over-year activity. Multifamily construction also recorded an extremely low month of activity with just 22 units on record for May. “We’re generally…

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Image for April Homebuilding Shines as Economic Uncertainty Looms

April Homebuilding Shines as Economic Uncertainty Looms

Despite economic concerns, Twin Cities homebuilders recorded a positive month of activity. Metro builders pulled 608 permits for single-family homes in April, marking a 12% growth in year-over-year activity. Multifamily construction also recorded a 17% uptick in activity compared to the previous month. “Minnesota’s spring housing market is staying steady,…

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Image for Twin Cities Homebuilders Feel Impacts of Economic Outlook

Twin Cities Homebuilders Feel Impacts of Economic Outlook

Roseville, Minn – Twin Cities homebuilders saw a small decrease in activity in March, as mortgage rate pressures and economic uncertainty continue. Metro homebuilders pulled 380 permits for single-family homes throughout the month of March, marking a 6% decline in year-over-year activity. Multifamily construction, however, saw a healthy increase in activity…

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Image for Metro Homebuilding Falters as Mortgage Rates Hinder Market Activity

Metro Homebuilding Falters as Mortgage Rates Hinder Market Activity

Roseville, Minn – The impacts of mortgage rates are beginning to show in the new construction sector. Metro homebuilders pulled 374 permits for single-family homes throughout the month of February – a 9% decline from last year. Multifamily construction saw a sharp decline in activity in February with permits being…

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