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.

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.

For Week Ending March 14, 2020

After hitting a record low last week, rates on 30-year fixed-rate mortgages rose slightly this week according to Freddie Mac. A combination of an increase in rates in the bond market and high demand for refinancing and purchase mortgages contributed to the uptick. Meanwhile, the continued spread of COVID-19 is leading many companies and consumers to change their daily activities. ShowingTime is closely monitoring the situation and releasing daily updates on changes in showing activity: https://www.showingtime.com/impact-of-coronavirus/

In the Twin Cities region, for the week ending March 14:

• New Listings increased 21.7% to 1,713
• Pending Sales increased 16.0% to 1,205
• Inventory decreased 8.7% to 8,364

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.