August 1, 2019
Mortgage rates have essentially stabilized over the last two months, which reflects the recovery and improvement in the economy from the malaise earlier in the year. Going forward, the combination of low mortgage rates, tight labor market and high consumer confidence should set up the housing market for continued improvement in home sales heading into the late summer and early fall.
Information provided by Freddie Mac.
Despite strong buyer demand, sales totals are lower due to a lack of affordable supply
For Week Ending July 20, 2019
Residential real estate markets across the nation have been performing quite well at this point in the year in terms of home sales, price and inventory. Although not always true at every price point and home type in every geography, the general rule of thumb in 2019 as we stretch beyond the halfway point of the year has been a trend of relative market balance, which is a great thing for both real estate professionals and consumers.
In the Twin Cities region, for the week ending July 20:
For the month of June:
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
July 25, 2019
Mortgage rates continued to hover near three-year lows and purchase application demand has responded, rising steadily over the last two months to the highest year-over-year change since the fall of 2017. While the improvement has yet to impact home sales, there’s a clear firming of purchase demand that should translate into higher home sales in the second half of this year.
Information provided by Freddie Mac.
Every year during the week of Independence Day, real estate markets across the country slow down as buyers, sellers and real estate professionals take some time off during the height of summer to spend time with friends and family. This year continued that tradition, except that new listings declined a little more and pending sales rose a little more. This is of particular interest because that is the exact dynamic that will keep prices on the rise.
In the Twin Cities region, for the week ending July 13:
For the month of June:
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.