Inventory
Weekly Market Report
For Week Ending March 30, 2019
The national unemployment rate held firm at 3.8 percent for the second month in a row, which is good news for an economy that has shown signs of slowing down during the first three months of 2019. Hiring and wage gains have both been below expectations, retail sales dropped considerably to close 2018, and there have been fewer home sales across the nation. Maintaining a historically low unemployment rate is reassuring and may offer confidence to many wary and weary consumers.
In the Twin Cities region, for the week ending March 30:
- New Listings increased 18.6% to 1,470
- Pending Sales decreased 3.1% to 1,151
- Inventory decreased 4.3% to 8,657
For the month of February:
- Median Sales Price increased 6.2% to $265,500
- Days on Market remained flat at 69
- Percent of Original List Price Received decreased 0.3% to 97.7%
- Months Supply of Homes For Sale remained flat at 1.7
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Mortgage Rates Remain Stable
April 4, 2019
Purchase mortgage application demand saw the second highest weekly increase over the last year and thanks to a spike in refinancing activity, overall mortgage demand rose to the highest level since the fall of 2016. While the housing market has faced many head winds the last few months, it sailed through the turbulence to calmer seas with demand buttressed by a strong labor market and low mortgage rates. The benefits of the decline in mortgage rates that we’ve seen this year will continue to unfold over the next few months due to the lag from changes in mortgage rates to market sentiment and ultimately home sales.
Information provided by Freddie Mac.
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending March 23, 2019
As new listings continue to fail to gain traction and inventory struggles to keep pace with the already low figures from last year, one begins to wonder if the U.S. is poised for a real estate slowdown. Some observers are seeing this as an inevitability, as investors price out more typical, family-driven home buyers. Housing starts and permits are also trending downward, and research indicates that the percentage of sales with price reductions are on the rise.
In the Twin Cities region, for the week ending March 23:
- New Listings decreased 10.4% to 1,428
- Pending Sales decreased 16.5% to 1,030
- Inventory decreased 5.6% to 8,429
For the month of February:
- Median Sales Price increased 6.2% to $265,500
- Days on Market remained flat at 69
- Percent of Original List Price Received decreased 0.3% to 97.7%
- Months Supply of Homes For Sale remained flat at 1.7
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Mortgage Rates See Biggest One-Week Drop in a Decade
March 28, 2019
The Federal Reserve’s concern about the prospects for slowing economic growth caused investor jitters to drive down mortgage rates by the largest amount in over ten years. Despite negative outlooks by some, the economy continues to churn out jobs, which is great for housing demand. We have recently seen home sales start to recover and with this week’s rate drop we expect a continued rise in purchase demand.
Information provided by Freddie Mac.
New Listings and Pending Sales
Inventory
Existing Home Sales
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