Existing Home Sales
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending October 31, 2020
The U.S. Bureau of Economic Analysis released its estimate for the country’s Q3 2020 GDP, showing the U.S. gross domestic product grew at an annualized rate of 33.1% in the third quarter, reversing much of the decline from COVID-19 seen from the second quarter. However, economists caution it may take a year or more for the gross domestic product to reach its previous highs.
In the Twin Cities region, for the week ending October 31:
- New Listings decreased 6.4% to 1,161
- Pending Sales increased 14.7% to 1,246
- Inventory decreased 32.5% to 8,450
For the month of September:
- Median Sales Price increased 10.8% to $310,000
- Days on Market decreased 15.9% to 37
- Percent of Original List Price Received increased 2.0% to 100.5%
- Months Supply of Homes For Sale decreased 33.3% to 1.8
All comparisons are to 2019
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Mortgage Rates Rise
November 12, 2020
Mortgage rates jumped this week as a result of positive news about a COVID-19 vaccine. Despite this rise, mortgage rates remain about a percentage point below a year ago and the low rate environment is supportive of both purchase and refinance demand. Heading into late fall, the housing market continues to grow and buttress the economy.
Information provided by Freddie Mac.
Mortgage Rates Decrease Again
November 5, 2020
Mortgage rates hit another record low, the twelfth time this year, due to economic and political ambiguity. Despite the uncertainty that we’ve all experienced this year, the housing market, buoyed by low rates, continues to be a bright spot.
Information provided by Freddie Mac.
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending October 24, 2020
Freddie Mac reported that the 30-year fixed-rate mortgage hit a new all-time low this week, dropping to an average of 2.8% with .6 points. Record-low rates, coupled with continued strong buyer demand seen in recent months, should continue to support an active market in the coming weeks in what is normally a slower time of year.
In the Twin Cities region, for the week ending October 24:
- New Listings increased 8.1% to 1,361
- Pending Sales increased 27.0% to 1,422
- Inventory decreased 29.7% to 8,971
For the month of September:
- Median Sales Price increased 10.8% to $310,000
- Days on Market decreased 15.9% to 37
- Percent of Original List Price Received increased 2.0% to 100.5%
- Months Supply of Homes For Sale decreased 33.3% 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.
