Inventory
Weekly Market Report
For Week Ending October 20, 2018
In general, the country is experiencing a balanced real estate market in one form or another, depending on geographic location. While it is true that median sales prices are relatively high in terms of housing affordability for the standard household wage, metrics such as new listings, pending sales and inventory are all fairly level with year-ago levels in much of the nation. At a time of stock market volatility, political uncertainty and rising interest rates, this is very welcome news.
In the Twin Cities region, for the week ending October 20:
- New Listings increased 4.3% to 1,387
- Pending Sales decreased 5.6% to 1,021
- Inventory decreased 2.3% to 12,397
For the month of September:
- Median Sales Price increased 6.1% to $262,000
- Days on Market decreased 16.0% to 42
- Percent of Original List Price Received increased 0.3% to 98.4%
- Months Supply of Inventory remained flat at 2.6
All comparisons are to 2017
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Mortgage Rates Inch Forward
October 25, 2018
Despite volatility in the stock market, the 30-year fixed-rate mortgage inched forward just 1 basis point to 4.86 percent this week. We expect rates to continue to rise, which will put downward pressure on homebuying activity. While higher borrowing costs will keep some people out of the market, buyers with more flexibility could take advantage of the decreased competition.
Information provided by Freddie Mac.
September Monthly Skinny Video
“Sales may very well be up next month as the market continues to search for sales balance.”
Existing Home Sales
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending October 13, 2018
It is that rare two-week window when not only politicians battle each other in order to convince voters who is best, but when professional football, baseball, hockey and basketball teams are battling for dominance in their respective sports. Competition is in the air, and yet the bulk of residential real estate markets across the country continue to enjoy a fair and balanced playing field. Even inventory, which has been down for years, is not looking so far from year-ago levels.
In the Twin Cities region, for the week ending October 13:
- New Listings increased 1.6% to 1,389
- Pending Sales decreased 1.6% to 1,064
- Inventory decreased 2.9% to 12,494
For the month of September:
- Median Sales Price increased 6.1% to $262,000
- Days on Market decreased 16.0% to 42
- Percent of Original List Price Received increased 0.3% to 98.4%
- Months Supply of Inventory remained flat at 2.6
All comparisons are to 2017
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Mortgage Rates Take a Breather
The modest decline in mortgage rates is a welcome respite from the rapid increase in rates the last few weeks. While the housing market has clearly softened in reaction to the rise in mortgage rates, the economy and consumer sentiment remain very robust and that will sustain purchase demand, particularly in affordable markets and neighborhoods.
Information provided by Freddie Mac.
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