New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending June 8, 2019
In terms of relative balance between buyer and seller interests, residential real estate markets across the country continue to perform well on a stage that includes actors such as heightened consumer confidence, wage increases, low unemployment and an economic expansion that is on the verge of being the longest in U.S. history. Well-known players such as increased sales prices and low inventory have recently been joined by fewer new listings in several markets.
In the Twin Cities region, for the week ending June 8:
- New Listings increased 4.1% to 2,187
- Pending Sales decreased 2.0% to 1,467
- Inventory decreased 0.6% to 11,237
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 Hold Steady
June 13, 2019
Mortgage rates were mostly unchanged from last week due to easing of trade tensions with Mexico which helped stabilize markets. These historically low rates should provide continued opportunities for current homeowners to refinance their mortgages – which combined with new homebuyer activity – will help sustain the momentum in the housing market in 2019.
Information provided by Freddie Mac.
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending June 1, 2019
Despite home prices that seem to be creeping ever upward like unchecked crabgrass, pending sales have been performing well, and new listings are generally keeping up with demand in a manner that is propelling the housing industry forward into weed-free pastures. The Federal Reserve considers 2.0% a healthy inflation rate, but the U.S. is expected to remain below that in 2019, which could prompt as many as three rate cuts this year. In turn, that could boost housing further. Excelsior!
In the Twin Cities region, for the week ending June 1:
- New Listings increased 1.2% to 1,839
- Pending Sales increased 6.3% to 1,558
- Inventory remained flat at 11,018
For the month of April:
- Median Sales Price increased 5.2% to $281,000
- Days on Market increased 7.5% to 57
- 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.
30-Year Fixed Rate Mortgage Rate Nears Two-Year Low
June 6, 2019
While the drop in mortgage rates is a good opportunity for consumers to save on their mortgage payment, our research indicates that there can be a wide dispersion among mortgage rate offers. By shopping around and getting a single additional mortgage rate quote, a borrower can save an average of $1,500. These low rates are also good news for current homeowners. With rates dipping below four percent, there are over $2 trillion of outstanding conforming conventional mortgages eligible to be refinanced – meaning the majority of what was originated in 2018 is now eligible.
Information provided by Freddie Mac.
New Listings and Pending Sales
Inventory
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