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New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending October 3, 2020
As the weather continues to cool, real estate activity slowly cools along with it. While buyer activity is following its normal seasonal trend lower, it remains substantially higher than the same time last year, continuing a months-long trend. Strong buyer demand continues to draw down the available inventory of homes for sale at a rapid pace, leaving buyers with fewer homes to choose from and many sellers with multiple offers.
In the Twin Cities region, for the week ending October 3:
- New Listings increased 10.4% to 1,702
- Pending Sales increased 19.1% to 1,493
- Inventory decreased 29.7% to 9,234
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.
Mortgage Rates Remain Flat
October 8, 2020
The year-long slide in mortgage rates seems to be ending as rates have flattened over the last month and the economic rebound has slowed. But with near record low rates, buyer demand remains robust with strong first-time buyers coming into the market. The demand is particularly strong in more affordable regions of the country such as the Midwest, where home prices are accelerating at the highest rates over the last two decades.
Information provided by Freddie Mac.
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending September 26, 2020
The Mortgage Bankers Association reported that the share of mortgages currently in forbearance dropped to 6.93% as of September 13, 2020, the 15th weekly decline in a row and its lowest level in five months. The share of mortgages in forbearance peaked in June at 8.55%. The continued decline is a positive sign, but current levels suggest many homeowners are still struggling from unemployment or underemployment due to the pandemic.
In the Twin Cities region, for the week ending September 26:
- New Listings increased 11.2% to 1,747
- Pending Sales increased 27.7% to 1,449
- Inventory decreased 31.1% to 9,154
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.
Weekly Market Report
For Week Ending July 27, 2019
As we await July results, the June numbers and preliminary July indicators suggest that current trends in most real estate markets are likely to continue. Mid-to-lower priced segments continue to experience imbalances favoring sellers, leading to steady year-over-year increases in price, outpacing inflation in many markets. Although the Fed rate decrease dominated the news this week, industry experts seem to agree this event by itself is unlikely to have much effect on mortgage rates and real estate markets, at least in the short term.
In the Twin Cities region, for the week ending July 27:
- New Listings decreased 4.7% to 1,736
- Pending Sales decreased 4.9% to 1,364
- Inventory decreased 3.0% to 12,236
For the month of June:
- Median Sales Price increased 7.2% to $290,000
- Days on Market increased 2.5% to 41
- Percent of Original List Price Received decreased 0.3% to 100.0%
- Months Supply of Homes For Sale increased 4.0% to 2.6
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
