Weekly Market Report
For Week Ending August 25, 2018
In both academic and conversational circles, more people are beginning to discuss 2018 as the end of the freewheeling days of residential real estate – with its high prices and fast sales, site unseen. Such a portrayal of the last several years of the housing market are sensationalistic at best, patently false at worst. It is true that median sales prices have risen and total days on market have lessened. This prevailing market trend has occurred gradually, and so shall the next trend.
In the Twin Cities region, for the week ending August 25:
- New Listings increased 12.5% to 1,686
- Pending Sales decreased 7.6% to 1,179
- Inventory decreased 9.0% to 12,378
For the month of July:
- Median Sales Price increased 6.6% to $268,000
- Days on Market decreased 17.4% to 38
- Percent of Original List Price Received increased 0.7% to 99.8%
- Months Supply of Inventory decreased 7.4% to 2.5
All comparisons are to 2017
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Mortgage Rates Tick Up
The 30-year fixed-rate mortgage barely inched up this week, continuing the summer trend of essentially being flat.
While sales and price growth have softened these last few months, this leveling of rates may be helping more buyers reach the market. Purchase mortgage applications this week were once again modestly above year ago levels.
Information provided by Freddie Mac.
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending August 18, 2018
It has been another busy summer for residential real estate. The lower supply, higher prices, faster sales mantra has remained in place for most of the nation for the entirety of the year – which heightened in intensity during the summer sales season – but there has been some conversation about the possibility of more supply and lower prices. Presently, it is just conversation, as the numbers are not reflective of a shift in trend lines anytime soon.
In the Twin Cities region, for the week ending August 18:
- New Listings increased 6.2% to 1,759
- Pending Sales decreased 10.2% to 1,215
- Inventory decreased 10.9% to 12,207
For the month of July:
- Median Sales Price increased 6.6% to $268,000
- Days on Market decreased 17.4% to 38
- Percent of Original List Price Received increased 0.7% to 99.8%
- Months Supply of Inventory decreased 11.1% to 2.4
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Mortgage Rates Maintain Downward Trend
Mortgage rates inched backward this week to their lowest level since mid-April.
Backed by very strong consumer spending, the economy is red-hot this month, which is in turn rippling through the financial markets and driving equities higher.
Unfortunately, the same cannot be said about the housing market, where it appears sales activity crested in late 2017. Existing-home sales have now stepped back annually for the fifth straight month, and purchase mortgage applications this week were barely above year ago levels.
Existing Home Sales
July Monthly Skinny Video
“The chatter about housing price bubbles have increased this summer as observers attempt to predict the next shift in the residential real estate market.”
New Listings and Pending Sales
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