“Buyers are beginning to return in force this Spring. For well-priced homes in desirable locations, competition is fierce.”
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending May 11, 2019
There is no such thing as a national real estate market. When the median sales price of homes for sale in San Francisco ($1.6 million) are compared to the median annual household income in Youngstown, Ohio ($26,295), it is especially evident. National news outlets will report on housing stories as though one size fits all, but this is particularly untrue in 2019 – not only in terms of home pricing compared to income, but with trends in new listings and pending sales.
In the Twin Cities region, for the week ending May 11:
- New Listings decreased 1.7% to 2,044
- Pending Sales decreased .1% to 1,531
- Inventory increased 1.5% to 10,245
For the month of April:
- Median Sales Price increased 5.2% to $281,000
- Days on Market increased 5.7% to 56
- Percent of Original List Price Received decreased 0.5% to 99.4%
- Months Supply of Homes For Sale increased 5.0% to 2.1
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Mortgage Rates Hold Steady Amid Global Trade Disputes
May 16, 2019
Modestly weaker consumer spending and manufacturing data, along with continued jitters around trade policy, caused interest rates to decline throughout the yield curve. While signals from the financial markets are flashing caution signs, the real economy remains on solid ground with steady job growth and five-decade low unemployment rates, which will drive up home sales this summer.
Information provided by Freddie Mac.
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending May 4, 2019
The national chatter over the past couple of weeks has been about royal babies, exciting NBA and NHL playoff games, heightened talk of higher tariffs for China, lackluster tech IPOs and, of course, who will sit on the Iron Throne. Mixed in with those conversations have been thousands of discussions about the housing market at coffee shops, over backyard fences and at real estate industry conventions. The selling season is upon us, and homes are moving quickly.
In the Twin Cities region, for the week ending May 4:
- New Listings decreased 1.6% to 2,029
- Pending Sales decreased 12.9% to 1,338
- Inventory increased 1.1% to 9,897
For the month of March:
- Median Sales Price increased 6.5% to $275,000
- Days on Market increased 15.8% to 66
- Percent of Original List Price Received decreased 0.5% to 98.6%
- Months Supply of Homes For Sale increased 5.6% to 1.9
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Mortgage Rates Drop Slightly
May 9, 2019
Investors wary of the current economic situation due to ongoing trade disputes resorted to the bond market, causing the 10-year treasury yield to decrease. A combination of low mortgage rates, a strong job market and modest wage growth should spur homebuyer interest and also serve as an incentive for homeowners looking to refinance.
:
Information provided by Freddie Mac.
