For Week Ending October 5, 2019

With the 30-year fixed-rate mortgage approximately one percentage point lower than a year ago according to Freddie Mac, buyers are actively taking advantage. Home refinancing is also going strong and overall mortgage demand, which includes purchase mortgages as well as refinancings, is up 50% from a year ago. Lower mortgage rates help maintain housing affordability in the face of price appreciation across much of the country.

In the Twin Cities region, for the week ending October 5:

• New Listings decreased 2.7% to 1,517
• Pending Sales increased 1.5% to 1,180
• Inventory decreased 3.4% to 12,597

For the month of August:

• Median Sales Price increased 7.1% to $286,900
• Days on Market increased 2.5% to 41
• Percent of Original List Price Received decreased 0.2% to 99.0%
• Months Supply of Homes For Sale remained flat at 2.6

All comparisons are to 2018

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending September 28, 2019

The Commerce Department reported sales of newly built homes nationwide have surged 18% compared to a year ago and housing starts and building permits reached a 12-year high in August. This surge in both sales and new construction shows strong market confidence by both buyers and builders. However, further increases in new construction starts are still required to meet demand and bring more balance.

In the Twin Cities region, for the week ending September 28:

• New Listings decreased 3.3% to 1,546
• Pending Sales decreased 3.0% to 1,112
• Inventory decreased 3.6% to 12,716

For the month of August:

• Median Sales Price increased 7.0% to $286,875
• Days on Market increased 2.5% to 41
• Percent of Original List Price Received decreased 0.2% to 99.0%
• Months Supply of Homes For Sale remained flat at 2.6

All comparisons are to 2018

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.