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.

For Week Ending January 4, 2020

With the start of the New Year, the real estate market turns more active across mostof the country. Sellers connect with agents, resulting in a pop of new listings, followed by renewed interest by buyers, which leads to an increase in pending sales. This pattern is seen every year and 2020 should be no different. We’re starting off the year with continued low interest rates, low unemployment, and rising rents nationally. This sets us up for a strong start to 2020 and plenty of optimism for the coming spring market.

In the Twin Cities region, for the week ending January 4:

• New Listings decreased 17.9% to 683
• Pending Sales decreased 7.0% to 546
• Inventory decreased 12.8% to 8,064

For the month of November:

• Median Sales Price increased 5.6% to $279,900
• Days on Market decreased 1.9% to 51
• Percent of Original List Price Received increased 0.2% to 97.5%
• Months Supply of Homes For Sale decreased 4.5% to 2.1

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