For Week Ending March 31, 2018

Climbing out of winter has taken more time than usual for much of the U.S., but house hunting should finally be taking center stage for many buyers. Quickly assessing what’s available for sale will be key for buyers in what is sure to be another competitive selling season. Buyers and sellers must watch for further mortgage rate increases and volatile economic indicators like a jumpy stock market and chilly relations with international trade partners, which can cause shifts in local housing markets.

In the Twin Cities region, for the week ending March 31:

• New Listings decreased 35.2% to 1,234
• Pending Sales decreased 19.2% to 1,124
• Inventory decreased 23.0% to 8,397

For the month of February:

• Median Sales Price increased 12.7% to $250,000
• Days on Market decreased 15.9% to 69
• Percent of Original List Price Received increased 1.6% to 98.0%
• Months Supply of Inventory decreased 15.8% to 1.6

All comparisons are to 2017

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending March 24, 2018

In general, housing markets are performing rather well across the country and locally. While some measures may show year-over-year declines at times, the truth of the matter is that showings are plentiful, buyers are eagerly searching for homes to purchase and good properties are exchanging hands whether or not the overall inventory situation is less than favorable or mortgage rates go up a quarter percent.

In the Twin Cities region, for the week ending March 24:

• New Listings decreased 1.9% to 1,586
• Pending Sales decreased 12.4% to 1,197
• Inventory decreased 23.2% to 8,290

For the month of February:

• Median Sales Price increased 12.7% to $250,000
• Days on Market decreased 15.9% to 69
• Percent of Original List Price Received increased 1.6% to 98.0%
• Months Supply of Inventory decreased 15.8% to 1.6

All comparisons are to 2017

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending March 17, 2018

The Federal Reserve raised its key short-term interest rate from 1.50 to 1.75 percent, citing inflation concerns in an improved economy with rising wages and low unemployment. Borrowing money will be more expensive, particularly for home equity loans, credit cards and adjustable rate mortgages. Although it is the Fed’s sixth rate increase since December 2015, rates remain historically low. Home buyers should be aware that at least two more rate increases are expected this year.

In the Twin Cities region, for the week ending March 17:

• New Listings decreased 10.7% to 1,562
• Pending Sales decreased 9.2% to 1,188
• Inventory decreased 23.2% to 8,123

For the month of February:

• Median Sales Price increased 12.7% to $250,000
• Days on Market decreased 15.9% to 69
• Percent of Original List Price Received increased 1.6% to 98.0%
• Months Supply of Inventory decreased 15.8% to 1.6

All comparisons are to 2017

Click here for the full Weekly Market Activity Report. From The Skinny Blog.