New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending May 5, 2018
Year-over-year percentage changes for housing metrics like inventory, median sales price and days on market have sometimes looked dramatic over the past few years in most markets across the country not named Houston. But as faster sales and higher prices persist, another trend is beginning to emerge: reliability. Although more market balance is preferred, the current situation has proven to be surprisingly sustainable, at least for the time being.
In the Twin Cities region, for the week ending May 5:
- New Listings decreased 13.9% to 2,054
- Pending Sales decreased 10.0% to 1,456
- Inventory decreased 23.2% to 9,155
For the month of March:
- Median Sales Price increased 9.8% to $258,050
- Days on Market decreased 21.9% to 57
- Percent of Original List Price Received increased 1.1% to 99.1%
- Months Supply of Inventory decreased 22.7% to 1.7
All comparisons are to 2017
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Mortgage Rates Level Out
The 30-year fixed mortgage rate remained at 4.55 percent over the past week. The minimal movement of mortgage rates in these last three weeks reflects the current economic nirvana of a tight labor market, solid economic growth and restrained inflation. While this year’s higher rates – up 50 basis points from a year ago – have put pressure on the budgets of some home shoppers, weak inventory levels are what’s keeping the housing market from a stronger sales pace.
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending April 28, 2018
As with last spring, the home-purchasing season will be competitive this year. Demand is still strong, especially in light of rising mortgage rates. Savvy consumers will want to get into a home before rates go up again. Amidst an environment of low inventory, buyers need to remain watchful of new listings and make their offers quickly.
In the Twin Cities region, for the week ending April 28:
- New Listings decreased 7.2% to 1,761
- Pending Sales decreased 9.5% to 1,389
- Inventory decreased 23.5% to 9,051
For the month of March:
- Median Sales Price increased 9.8% to $258,000
- Days on Market decreased 21.9% to 57
- Percent of Original List Price Received increased 1.1% to 99.1%
- Months Supply of Inventory decreased 22.7% to 1.7
All comparisons are to 2017
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Mortgage Rates See Modest Decline
After steadily rising in most of April, average mortgage rates dipped slightly over the past week. The 30-year fixed mortgage rate declined three basis points to 4.55 percent in this week’s survey. While mortgage rates have increased by one-half of a percentage point so far this year, it has not impacted home purchase demand, which continues to grow this spring. The observed buyer resiliency in the face of higher rates reflects the healthy economy and strong consumer confidence, which are important drivers of home sales activity.
New Listings and Pending Sales
Inventory
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