New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending June 30, 2018
The unemployment rate rose to 4.0 percent in June 2018, marking the first increase in nearly a year. Economic forecasters are calling this a healthy increase indicative of more people being counted as entering the work force in an exceptional job market that added more than 213,000 paying jobs in June. Strong demand for workers combined with low supply creates upward pressure on wages. Employed people with higher wages are generally good for residential real estate.
In the Twin Cities region, for the week ending June 30:
- New Listings increased 15.1% to 1,864
- Pending Sales increased 1.1% to 1,519
- Inventory decreased 16.5% to 11,374
For the month of May:
- Median Sales Price increased 8.3% to $270,750
- Days on Market decreased 9.6% to 47
- Percent of Original List Price Received increased 0.7% to 100.2%
- Months Supply of Inventory decreased 12.0% to 2.2
All comparisons are to 2017
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Mortgage Rates Continue Recent Decline
After a rapid increase throughout most of the spring, mortgage rates have now declined in five of the past six weeks.
The run-up in mortgage rates earlier this year represented not just a rise in risk-free borrowing costs, but for investors, the mortgage spread also rose back to more normal levels by about 20 basis points. What that means for buyers is good news. Mortgage rates may have a little more room to decline over the very short term.
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending June 23, 2018
The first half of the year in residential real estate fared as expected, with the most obvious markers continuing to be low inventory and higher prices. We are also seeing decreased affordability in many markets coupled with more urgency (lower days on market) and increased purchase offers (higher pending sales) ahead of perceived future rate increases that have not yet materialized in the wake of the 0.25 percent increase in the federal funds rate. All of this makes for a busy summer. Let’s examine the local market.
In the Twin Cities region, for the week ending June 23:
- New Listings increased 1.3% to 1,987
- Pending Sales decreased 3.7% to 1,437
- Inventory decreased 16.8% to 11,171
For the month of May:
- Median Sales Price increased 8.4% to $271,000
- Days on Market decreased 9.6% to 47
- Percent of Original List Price Received increased 0.7% to 100.2%
- Months Supply of Inventory decreased 12.0% to 2.2
All comparisons are to 2017
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Mortgage Rates Fall Again
Mortgage rates declined over the past week and have now retreated in four of the past five weeks. The decrease in borrowing costs are a nice slice of relief for prospective buyers looking to get into the market this summer. Some are undoubtedly feeling the affordability hit from swift price appreciation and mortgage rates that are still 67 basis points higher than this week a year ago.
New Listings and Pending Sales
Inventory
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