Inventory
Weekly Market Report
For Week Ending December 8, 2018
The month of December often equates to a full-scale slowdown in residential real estate, as thoughts shift from buying homes to buying gifts and plane tickets to visit family and friends. This year could be different. The Federal Reserve is set to raise interest rates one more time in 2018. Interest rate hikes don’t necessarily create mortgage rate hikes, but they can. This may cause more purchase offers ahead of deeper affordability concerns in 2019.
In the Twin Cities region, for the week ending December 8:
- New Listings increased 1.4% to 773
- Pending Sales decreased 8.3% to 716
- Inventory increased 2.1% to 9,994
For the month of November:
- Median Sales Price increased 8.2% to $265,000
- Days on Market decreased 7.1% to 52
- Percent of Original List Price Received decreased 0.1% to 97.3%
- Months Supply of Inventory increased 5.0% to 2.1
All comparisons are to 2017
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Mortgage Rates Drop to Lowest Point in Three Months
December 13, 2018
The 30-year fixed fell to 4.63 percent this week – the lowest it has been since mid-September. Mortgage rates have either fallen or remained flat for five consecutive weeks and purchase applicants are responding with an uptick in demand given these lower rates. While the housing market softened in response to higher rates through most of this year, the combination of a low unemployment and recent downdraft in rates should support home sales heading into the early winter months.
Information provided by Freddie Mac.
Weekly Market Report
For Week Ending December 1, 2018
While recent stock market activity has displayed some heart-pounding drops and rallying rises, that volatility has not created the same tidal waves within residential real estate. Increasing home prices and mortgage rates have indeed created a sense of immediacy for some buyers and turned others away due to affordability concerns, but these decisions appear to be rooted in longer-term trends rather than the effects of a media headline or presidential tweet.
In the Twin Cities region, for the week ending December 1:
- New Listings increased 7.0% to 877
- Pending Sales decreased 9.0% to 904
- Inventory increased 1.5% to 10,437
For the month of October:
- Median Sales Price increased 8.6% to $265,000
- Days on Market decreased 7.7% to 48
- Percent of Original List Price Received increased 0.2% to 97.9%
- Months Supply of Inventory remained flat at 2.4
All comparisons are to 2017
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
New Listings and Pending Sales
Inventory
Mortgage Rates Pull Back
December 6, 2018
Mortgage rates declined this week amid a steep sell-off in U.S. stocks. This week’s rate reaction to the volatile stock market is a welcome relief to prospective homebuyers who have recently experienced rising rates and rising home prices.
Information provided by Freddie Mac.
New Listings and Pending Sales
Inventory
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