New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending June 22, 2019
Persistently low mortgage rates and slower price increases have combined with economic growth, low unemployment, wage improvement and consumer confidence to keep home buyers in the market, despite insufficient supply. Builders have not made enough new homes for several years, and, thus, national housing inventory is extremely tight. The vacancy rate for owner-occupied homes in 2018 was the lowest since 1995. If the economy begins to slow, this situation is unlikely to improve.
In the Twin Cities region, for the week ending June 22:
- New Listings increased 1.9% to 2,028
- Pending Sales increased 1.2% to 1,494
- Inventory increased 1.1% to 12,008
For the month of May:
- Median Sales Price increased 5.2% to $285,000
- Days on Market decreased 4.3% to 45
- Percent of Original List Price Received decreased 0.2% to 100.0%
- Months Supply of Homes For Sale increased 4.3% to 2.4
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Mortgage Rates Drop
June 27, 2019
While the industrial and trade related economic data continues to dominate the news, the drop in mortgage rates over the last two months is already being felt in the housing market. Through late June, home purchase applications improved by five percentage points compared to the previous month. In the near-term, we expect the housing market to continue to improve from both a sales and price perspective.
Information provided by Freddie Mac.
May Monthly Skinny Video
“While perhaps we won’t match the growth in the market seen over the last few years, stability and sustainability are the primary objectives.”
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending June 15, 2019
As anticipated, the Federal Reserve did not change the target range for the federal funds rate (currently set at 2.25% to 2.5%) during their most recent meeting, but the door was left open for a possible rate reduction in 2019 following a string of increases over the last several years. Although the economy is still performing well due to low unemployment and solid retail sales, trade tensions, slowed manufacturing and meek business investments have created uncertainty.
In the Twin Cities region, for the week ending June 15:
- New Listings remained flat at 2,069
- Pending Sales decreased 2.0% to 1,463
- Inventory increased 1.0% to 11,687
For the month of May:
- Median Sales Price increased 5.2% to $285,000
- Days on Market decreased 4.3% to 45
- Percent of Original List Price Received decreased 0.2% to 100.0%
- Months Supply of Homes For Sale increased 4.3% to 2.4
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Existing Home Sales
Mortgage Rates Stabilize
June 20, 2019
While the continued drop in mortgage rates has paused, homebuyer demand has not. This is evident in increased purchase activity and loan amounts, indicating that homebuyers still have the willingness and capacity to purchase homes. Today’s low rates, strong job market, solid wage growth and consumer confidence are typically important drivers of home sales.
Information provided by Freddie Mac.
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