For Week Ending January 25, 2020

CoreLogic’s latest Single-Family Rent Index report saw the cost of renting single-family homes, including condos, up 3% in November 2019 compared to November 2018. According to the report, rent prices started climbing in 2010 and have stabilized around an annualized rate of 3% since early 2019. With the cost of rent continuing to trend upward, it makes sense that many are considering paying their own mortgage, instead of their landlord’s, by becoming first-time homeowners.

In the Twin Cities region, for the week ending January 25:

• New Listings decreased 5.2% to 916
• Pending Sales decreased 0.9% to 795
• Inventory decreased 14.9% to 7,751

For the month of December:

• Median Sales Price increased 8.2% to $279,000
• Days on Market decreased 1.8% to 56
• Percent of Original List Price Received increased 0.5% to 97.3%
• Months Supply of Homes For Sale decreased 15.8% to 1.6

All comparisons are to 2019
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending January 18, 2020

The Mortgage Bankers Association reported that applications for home purchases rose 16% last week, reaching its highest level since 2009. Applications to refinance also grew, increasing a stunning 43% last week and are 109% higher than a year ago, the MBA reports. The sharp increases in both purchase and refinance applications are spurred by lower rates providing incentives for both buyers and existing homeowners to act.

In the Twin Cities region, for the week ending January 18:

• New Listings decreased 14.3% to 904
• Pending Sales increased 2.5% to 734
• Inventory decreased 14.3% to 7,770

For the month of December:

• Median Sales Price increased 8.2% to $279,000
• Days on Market decreased 1.8% to 56
• Percent of Original List Price Received increased 0.5% to 97.3%
• Months Supply of Homes For Sale decreased 21.1% to 1.5

All comparisons are to 2019
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending January 11, 2020

Freddie Mac reported that the average 30-year fixed-rate mortgage dropped to 3.64% this week, the lowest level in three months and down from 4.45% one year ago. Additionally, conforming and FHA loan limits have increased for 2020. Increased loan limits coupled with low rates, will give more buyers the ability to purchase a wider range of properties. These changes, along with the continued strong labor market, is likely to spur buyer demand even in the face of a constrained supply of homes for sale throughout much of the country.

In the Twin Cities region, for the week ending January 11:

• New Listings decreased 4.9% to 998
• Pending Sales decreased 12.2% to 592
• Inventory decreased 15.2% to 7,624

For the month of December:

• Median Sales Price increased 8.0% to $278,600
• Days on Market decreased 1.8% to 56
• Percent of Original List Price Received increased 0.4% to 97.2%
• Months Supply of Homes For Sale decreased 21.1% to 1.5

All comparisons are to 2019
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.