Housing market report

Twin Cities homebuilding continues slump into the spring

Twin Cities homebuilding activity throughout the spring continued at a decelerated pace as economic uncertainty kept buyers at bay. Metro builders pulled permits for 386 single-family homes in April, a 38% drop from the same time last year. Multifamily construction continued its downward trend with permits pulled for 240 units, an 83% drop in multifamily units compared to April 2022.

Overall Remodeling Market Index in April, according to the Minnesota Department of Employment and Economic Development. This is compared to the March rate of 3.1%.

The Overall Remodeling Market Index is calculated by averaging the Current Marketing Index and the Future Market Indicators Index. Any number over 50 indicates that more remodelers view remodeling market conditions as higher than the previous quarter. Results are seasonally adjusted.

The national unemployment rate in January also saw a decrease from the previous month from 3.6% to 3.1%. Construction employment in Minnesota recorded a 0.5% year-over-year employment increase.