October 31, 2019
This week marks the third consecutive week of rate increases, which hasn’t happened since April of this year. That said, purchase activity continues to show strength, indicating obvious homebuyer demand. However, the lack of housing supply remains a major barrier to not just the housing market, but the overall economic recovery.
Information provided by Freddie Mac.
For Week Ending October 19, 2019
While the U.S. Commerce Department reported that total housing starts dropped 9.4% month over month in September, that drop was focused on the apartment and condo segment while single-family housing starts actually rose .3%. Throughout much of the country, the continued low level of housing inventory is constraining sales activity from where it would be in a balanced market. Active inventory is in its normal seasonal decline, leaving buyers with fewer choices as we move towards the end of the year.
In the Twin Cities region, for the week ending October 19:
For the month of September:
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
October 24, 2019
The outlook for a favorable resolution to the trade dispute between the U.S. and China is still unclear, introducing some volatility into financial markets and the benchmark 10-year Treasury yield. Mortgage rates are following suit but are at near historic lows, while mortgage applications to purchase a home remain higher year over year.
Information provided by Freddie Mac.
“Nationally, buyer and seller activity remained strong, buoyed by low mortgage rates.”
For Week Ending October 12, 2019
In the last month, mortgage rates have fallen to their lowest monthly average in more than three years, and now Fannie Mae is predicting that continued low rates, and possibly lower rates, are expected in 2020. These historically low mortgage rates have and will continue to support buyer demand and may create additional lift to home prices as lower financing costs give buyers the ability to offer more to secure their dream home.
In the Twin Cities region, for the week ending October 12:
For the month of September:
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.