For Week Ending September 12, 2020
The Mortgage Bankers Association (MBA) Mortgage Credit Availability Index (MCAI) in August fell by 4.7 percent to 120.9. A decline in the MCAI indicates that lending standards are tightening, and this latest drop finds the index at its lowest point since March 2014. Tightening lending standards often includes a reduction in loan programs with low credit scores, high loan-to-value ratios, and reduced borrower documentation requirements. So while mortgage rates continue to remain near all-time lows, qualifying for a mortgage is becoming a little more difficult for some borrowers.
In the Twin Cities region, for the week ending September 12:
- New Listings decreased 3.8% to 1,783
- Pending Sales increased 13.5% to 1,384
- Inventory decreased 31.5% to 8,928
For the month of August:
- Median Sales Price increased 9.8% to $315,000
- Days on Market decreased 4.9% to 39
- Percent of Original List Price Received increased 1.3% to 100.3%
- Months Supply of Homes For Sale decreased 30.8% to 1.8
All comparisons are to 2019
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.