September 5, 2019
Mortgage rates continued the summer swoon due to weaker economic data. While economic growth is clearly slowing due to rising manufacturing and trade headwinds, economic fundamentals are still solid for U.S. consumers. The unemployment rate is low, housing affordability is improving, homebuyer demand is rising, and home price growth is stable.
Information provided by Freddie Mac.
For Week Ending August 24, 2019
Lack of affordable inventory has been a key story in real estate in the last few years. There is a growing consensus suggesting the U.S. economy could be entering a recession, and some wonder whether this could lead to an adjustment in housing prices. However, this scenario is unlikely to make housing more affordable, as economic uncertainty is likely to discourage first-time home buyers and could make construction companies leary of building new homes.
In the Twin Cities region, for the week ending August 24:
For the month of July:
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
August 29, 2019
Mortgage rates inched up slightly this week, closing the month with the 30-year fixed-rate mortgage rate averaging 3.6 percent – almost a full percent lower from the same time last year. Low mortgage rates along with a strong labor market are fueling the consumer-driven economy by boosting their purchasing power, which will certainly support housing market activity in the coming months.
Information provided by Freddie Mac.
Home price growth has slowed and now more closely matches income and wage growth – a healthy development.
For Week Ending August 17, 2019
As families across the U.S. enjoy the last few weeks of summer before the start of the school year, it seems that the real estate market is seeing an infusion of new energy that is partially offsetting the expected seasonal slowdown. Further decreases in housing inventory and month’s supply at the national level point to a moderate influx of new buyers, perhaps due to the allure of lower mortgage rates. It remains to be seen whether these trends will be affected by events in the general economy.
In the Twin Cities region, for the week ending August 17:
For the month of July:
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
For Week Ending August 17, 2019
As families across the U.S. enjoy the last few weeks of summer before the start of the school year, it seems that the real estate market is seeing an infusion of new energy that is partially offsetting the expected seasonal slowdown. Further decreases in housing inventory and month’s supply at the national level point to a moderate influx of new buyers, perhaps due to the allure of lower mortgage rates. It remains to be seen whether these trends will be affected by events in the general economy.
In the Twin Cities region, for the week ending August 17:
For the month of July:
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.