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Weekly Market Report
For Week Ending November 2, 2019
This week the Federal Reserve reduced its benchmark rate for the third time this year. This action was widely anticipated by the market and mortgage rates rose for the third consecutive week. Despite the recent rise, rates still remain approximately one percent lower than a year ago, which has a substantial effect on buying power. Also this week, a TransUnion analysis predicts a surge of additional first-time homebuyers will enter the market between 2020 and 2022, climbing from 7.6 million buyers in the 2016-2018 period to 8.3-9.2 million in the 2020-2022 period.
In the Twin Cities region, for the week ending November 2:
- New Listings increased 9.2% to 1,223
- Pending Sales increased 3.3% to 1,043
- Inventory decreased 5.5% to 11,917
For the month of September:
- Median Sales Price increased 6.8% to $279,900
- Days on Market increased 2.4% to 43
- Percent of Original List Price Received increased 0.1% to 98.5%
- Months Supply of Homes For Sale decreased 3.7% to 2.6
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Mortgage Rates Fall Back
November 7, 2019
After a year-long slide, mortgage rates hit a cycle low in September 2019 and have risen in six out of the last nine weeks due to modestly better economic data and trade related optimism. The improvement in sentiment has been one of the main drivers behind the surge in equity prices and will provide a halo effect to consumer spending heading into the important holiday shopping season.
Information provided by Freddie Mac.
New Listings and Pending Sales
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending October 26, 2019
A new Census report this week announced that new construction home sales nationwide decreased slightly to a seasonally adjusted rate of 701,000 units, which is 15.5% higher than a year ago. Also in the announcement was news that the median sales price of new construction homes declined to $299,440 nationally, down 8% from a year ago. This decline was due to an increase in the availability of new homes at lower price points and is a welcomed change in what has been an underserved segment of the market.
In the Twin Cities region, for the week ending October 26:
- New Listings decreased 0.4% to 1,239
- Pending Sales increased 9.1% to 1,094
- Inventory decreased 4.9% to 12,212
For the month of September:
- Median Sales Price increased 6.8% to $279,700
- Days on Market increased 2.4% to 43
- Percent of Original List Price Received increased 0.1% to 98.5%
- Months Supply of Homes For Sale decreased 3.7% to 2.6
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Weekly Market Report
For Week Ending October 26, 2019
A new Census report this week announced that new construction home sales nationwide decreased slightly to a seasonally adjusted rate of 701,000 units, which is 15.5% higher than a year ago. Also in the announcement was news that the median sales price of new construction homes declined to $299,440 nationally, down 8% from a year ago. This decline was due to an increase in the availability of new homes at lower price points and is a welcomed change in what has been an underserved segment of the market.
In the Twin Cities region, for the week ending October 26:
- New Listings decreased 0.4% to 1,239
- Pending Sales increased 9.1% to 1,094
- Inventory decreased 4.9% to 12,212
For the month of September:
- Median Sales Price increased 6.8% to $279,700
- Days on Market increased 2.4% to 43
- Percent of Original List Price Received increased 0.1% to 98.5%
- Months Supply of Homes For Sale decreased 3.7% to 2.6
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Mortgage Rates Continue to Rise
October 31, 2019
This week marks the third consecutive week of rate increases, which hasn’t happened since April of this year. That said, purchase activity continues to show strength, indicating obvious homebuyer demand. However, the lack of housing supply remains a major barrier to not just the housing market, but the overall economic recovery.
Information provided by Freddie Mac.
New Listings and Pending Sales
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