For Week Ending April 4, 2020
More than 6.6 million workers filed for unemployment benefits last week according to the latest report by the Labor Department, on top of the 3.3 million that filed for unemployment the week prior. High levels of unemployment filings are expected to continue in the coming weeks as businesses remain shuttered and shelter in place orders have expanded to cover most of the country. The impact of these orders is becoming more apparent in the market activity stats reported here.
In the Twin Cities region, for the week ending April 4:
- New Listings decreased 27.7% to 1,393
- Pending Sales decreased 13.7% to 1,077
- Inventory decreased 7.9% to 8,859
For the month of February:
- Median Sales Price increased 6.2% to $281,570
- Days on Market decreased 2.9% to 67
- Percent of Original List Price Received increased 0.3% to 98.0%
- Months Supply of Homes For Sale decreased 5.6% to 1.7
All comparisons are to 2019
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Mortgage Rates Remain Flat
April 9, 2020
While mortgage rates remained flat over the last week, there is room for rates to move down. This year the 10-year Treasury market has declined by over a full percentage point, yet mortgage rates have only declined by one-third of a point. As financial markets continue to heal, we expect mortgage rates will drift lower in the second half of 2020.
Information provided by Freddie Mac.
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending March 28, 2020
This week was heavily influenced by the ongoing impacts from the spread of COVID-19. Washington passed a $2.2 trillion stimulus package and news broke that 3.28 million people filed for unemployment benefits last week—nearly five times the previous weekly record. As more businesses temporarily close due to the growing outbreak, even higher unemployment filings are expected in coming weeks. As many begin or continue to shelter at home, real estate activity is slowing down right along with the rest of the economy.
In the Twin Cities region, for the week ending March 28:
- New Listings decreased 5.8% to 1,422
- Pending Sales decreased 5.4% to 1,131
- Inventory decreased 7.0% to 8,843
For the month of February:
- Median Sales Price increased 6.2% to $281,570
- Days on Market decreased 2.9% to 67
- Percent of Original List Price Received increased 0.3% to 98.0%
- Months Supply of Homes For Sale decreased 11.1% to 1.6
All comparisons are to 2019
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Mortgage Rates Drop Again
April 2, 2020
Mortgage rates have drifted down for two weeks in a row and that drop reflects improvements in market liquidity and sentiment. While the market has stabilized relative to prior weeks, homebuyer demand has declined in response to current economic conditions. The good news is that the pending economic stimulus is on the way and will provide support for both consumers and businesses.
Information provided by Freddie Mac.
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending March 21, 2020
This week Fannie Mae, Freddie Mac, and the FHA suspended all foreclosures and evictions for 60 days in response to the continued COVID-19 outbreak. Further, the Federal Housing Finance Agency (FHFA) annouced that borrowers with loans backed by Fannie Mae and Freddie Mac who face financial difficulties due to COVID-19 may be able to suspend their mortage payments for up to 12 months. Impacted borrowers are urged to reach out to their mortgage companies to discuss their situation.
In the Twin Cities region, for the week ending March 21:
- New Listings increased 16.0% to 1,688
- Pending Sales increased 11.0% to 1,183
- Inventory decreased 7.1% to 8,653
For the month of February:
- Median Sales Price increased 6.2% to $281,500
- Days on Market decreased 2.9% to 67
- Percent of Original List Price Received increased 0.3% to 98.0%
- Months Supply of Homes For Sale decreased 11.1% to 1.6
All comparisons are to 2019
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Mortgage Rates Drop
March 26, 2020
The Federal Reserve’s swift and significant efforts to stabilize the market were much needed and helped mortgage rates drop for the first time in three weeks. Similar to other segments of the economy, real estate demand is softening. However, the combination of the Fed’s actions and pending economic stimulus will provide substantial support to the mortgage markets.
Information provided by Freddie Mac.
- « Previous Page
- 1
- …
- 37
- 38
- 39
- 40
- 41
- …
- 148
- Next Page »