For Week Ending April 25, 2020

While the initial unemployment insurance claims number was down from last week, claims remain at a high level with over 4.4 million people filing for the first time in the latest Department of Labor report. Weekly initial claims are likely to continue to decrease in coming weeks while still remaining significantly elevated. Mortgage rates have stabilized over the last few weeks at nearly three-quarters of a percent lower than a year ago, while showing activity nationwide has increased 39% in the last two weeks as agents and consumers are adapting to the new environment, including using virtual showings in many cases.

In the Twin Cities region, for the week ending April 25:

• New Listings decreased 30.7% to 1,376
• Pending Sales decreased 24.3% to 1,071
• Inventory decreased 11.1% to 9,161

For the month of March:

• Median Sales Price increased 8.0% to $297,000
• Days on Market decreased 7.6% to 61
• Percent of Original List Price Received increased 0.6% to 99.2%
• Months Supply of Homes For Sale decreased 10.0% to 1.8

All comparisons are to 2019

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending April 18, 2020

The Department of Labor’s initial jobless claims report released April 16th showed 5,245,000 new weekly claims, which is a decrease of nearly 1.4 million from last week. New initial claims are expected to continue to decline but still remain at high levels in the next few weeks. This week the Commerce Department reported new construction building permits were at a seasonally adjusted annual pace of 1.35 million in March, which is 5% higher than last year. However, that is expected to decline in April as the impact of COVID-19 is more fully realized.

In the Twin Cities region, for the week ending April 18:

• New Listings decreased 23.9% to 1,228
• Pending Sales decreased 27.8% to 989
• Inventory decreased 12.0% to 9,025

For the month of March:

• Median Sales Price increased 8.0% to $297,000
• Days on Market decreased 7.6% to 61
• Percent of Original List Price Received increased 0.6% to 99.2%
• Months Supply of Homes For Sale decreased 10.0% to 1.8

All comparisons are to 2019

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending April 11, 2020

This week’s initial jobless claims report from the Department of Labor showed another 6.6 million workers filed last week and revised the prior week’s claims up by 219,000 to nearly 6.9 million. Millions of additional initial jobless claims are likely to be reported in the next few weeks as the full impact of shelter-in-place policies becomes apparent. Meanwhile, Freddie Mac reported that the average 30-year fixed-rate mortgages rate remained flat at 3.33% this week, down from an average of 4.12% a year ago.

In the Twin Cities region, for the week ending April 11:

• New Listings decreased 30.4% to 1,210
• Pending Sales decreased 21.0% to 1,000
• Inventory decreased 11.3% to 8,928

For the month of March:

• Median Sales Price increased 8.0% to $297,000
• Days on Market decreased 9.1% to 60
• Percent of Original List Price Received increased 0.6% to 99.2%
• Months Supply of Homes For Sale decreased 10.0% to 1.8

All comparisons are to 2019

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending April 4, 2020

More than 6.6 million workers filed for unemployment benefits last week according to the latest report by the Labor Department, on top of the 3.3 million that filed for unemployment the week prior. High levels of unemployment filings are expected to continue in the coming weeks as businesses remain shuttered and shelter in place orders have expanded to cover most of the country. The impact of these orders is becoming more apparent in the market activity stats reported here.

In the Twin Cities region, for the week ending April 4:

• New Listings decreased 27.7% to 1,393
• Pending Sales decreased 13.7% to 1,077
• Inventory decreased 7.9% to 8,859

For the month of February:

• Median Sales Price increased 6.2% to $281,570
• Days on Market decreased 2.9% to 67
• Percent of Original List Price Received increased 0.3% to 98.0%
• Months Supply of Homes For Sale decreased 5.6% to 1.7

All comparisons are to 2019

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending March 28, 2020

This week was heavily influenced by the ongoing impacts from the spread of COVID-19. Washington passed a $2.2 trillion stimulus package and news broke that 3.28 million people filed for unemployment benefits last week—nearly five times the previous weekly record. As more businesses temporarily close due to the growing outbreak, even higher unemployment filings are expected in coming weeks. As many begin or continue to shelter at home, real estate activity is slowing down right along with the rest of the economy.

In the Twin Cities region, for the week ending March 28:

• New Listings decreased 5.8% to 1,422
• Pending Sales decreased 5.4% to 1,131
• Inventory decreased 7.0% to 8,843

For the month of February:

• Median Sales Price increased 6.2% to $281,570
• Days on Market decreased 2.9% to 67
• Percent of Original List Price Received increased 0.3% to 98.0%
• Months Supply of Homes For Sale decreased 11.1% to 1.6

All comparisons are to 2019

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending March 21, 2020

This week Fannie Mae, Freddie Mac, and the FHA suspended all foreclosures and evictions for 60 days in response to the continued COVID-19 outbreak. Further, the Federal Housing Finance Agency (FHFA) annouced that borrowers with loans backed by Fannie Mae and Freddie Mac who face financial difficulties due to COVID-19 may be able to suspend their mortage payments for up to 12 months. Impacted borrowers are urged to reach out to their mortgage companies to discuss their situation.

In the Twin Cities region, for the week ending March 21:

• New Listings increased 16.0% to 1,688
• Pending Sales increased 11.0% to 1,183
• Inventory decreased 7.1% to 8,653

For the month of February:

• Median Sales Price increased 6.2% to $281,500
• Days on Market decreased 2.9% to 67
• Percent of Original List Price Received increased 0.3% to 98.0%
• Months Supply of Homes For Sale decreased 11.1% to 1.6

All comparisons are to 2019

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending March 21, 2020

This week Fannie Mae, Freddie Mac, and the FHA suspended all foreclosures and evictions for 60 days in response to the continued COVID-19 outbreak. Further, the Federal Housing Finance Agency (FHFA) annouced that borrowers with loans backed by Fannie Mae and Freddie Mac who face financial difficulties due to COVID-19 may be able to suspend their mortage payments for up to 12 months. Impacted borrowers are urged to reach out to their mortgage companies to discuss their situation.

In the Twin Cities region, for the week ending March 21:

• New Listings increased 16.0% to 1,688
• Pending Sales increased 11.0% to 1,183
• Inventory decreased 7.1% to 8,653

For the month of February:

• Median Sales Price increased 6.2% to $281,500
• Days on Market decreased 2.9% to 67
• Percent of Original List Price Received increased 0.3% to 98.0%
• Months Supply of Homes For Sale decreased 11.1% to 1.6

All comparisons are to 2019

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending March 14, 2020

After hitting a record low last week, rates on 30-year fixed-rate mortgages rose slightly this week according to Freddie Mac. A combination of an increase in rates in the bond market and high demand for refinancing and purchase mortgages contributed to the uptick. Meanwhile, the continued spread of COVID-19 is leading many companies and consumers to change their daily activities. ShowingTime is closely monitoring the situation and releasing daily updates on changes in showing activity: https://www.showingtime.com/impact-of-coronavirus/

In the Twin Cities region, for the week ending March 14:

• New Listings increased 21.7% to 1,713
• Pending Sales increased 16.0% to 1,205
• Inventory decreased 8.7% to 8,364

For the month of February:

• Median Sales Price increased 6.2% to $281,570
• Days on Market decreased 2.9% to 67
• Percent of Original List Price Received increased 0.3% to 98.0%
• Months Supply of Homes For Sale decreased 11.1% to 1.6

All comparisons are to 2019

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending March 7, 2020

A report released this week from property management software firm RealPage predicts a total of 371,000 new apartments to enter the market in 2020, which would be the highest level across the country’s 150 largest apartment markets in three decades. Nationwide there is still a significant housing shortage and so increases in any housing type can help reduce pressure throughout the market.

In the Twin Cities region, for the week ending March 7:

• New Listings increased 31.1% to 1,755
• Pending Sales increased 23.2% to 1,162
• Inventory decreased 11.0% to 8,001

For the month of February:

• Median Sales Price increased 6.2% to $281,500
• Days on Market decreased 2.9% to 67
• Percent of Original List Price Received increased 0.3% to 98.0%
• Months Supply of Homes For Sale decreased 11.1% to 1.6

All comparisons are to 2019

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending February 29, 2020

The U.S. Commerce Department reported this week that new-home sales rose 7.9% in January to a seasonally adjusted annual rate of 764,000 units, which is 18.6% higher than a year ago and the highest monthly sales pace since July 2007. While new-home sales are increasing, new-home inventories fell 6.6% from a year ago and are now the lowest since 2017. The National Association of REALTORS® and others are calling on home builders to increase residential home construction to meet increased demand, but a labor shortage, higher costs of construction and possible supply-chain disruption due to COVID-19 may limit homebuiders’ ability to respond to the increased demand.

In the Twin Cities region, for the week ending February 29:

• New Listings increased 8.0% to 1,395
• Pending Sales increased 12.2% to 1,083
• Inventory decreased 13.1% to 7,785

For the month of January:

• Median Sales Price increased 4.2% to $270,000
• Days on Market increased 3.1% to 67
• Percent of Original List Price Received decreased 0.1% to 97.0%
• Months Supply of Homes For Sale decreased 11.1% to 1.6

All comparisons are to 2019

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.