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Inventory
Weekly Market Report
For Week Ending June 23, 2018
The first half of the year in residential real estate fared as expected, with the most obvious markers continuing to be low inventory and higher prices. We are also seeing decreased affordability in many markets coupled with more urgency (lower days on market) and increased purchase offers (higher pending sales) ahead of perceived future rate increases that have not yet materialized in the wake of the 0.25 percent increase in the federal funds rate. All of this makes for a busy summer. Let’s examine the local market.
In the Twin Cities region, for the week ending June 23:
- New Listings increased 1.3% to 1,987
- Pending Sales decreased 3.7% to 1,437
- Inventory decreased 16.8% to 11,171
For the month of May:
- Median Sales Price increased 8.4% to $271,000
- Days on Market decreased 9.6% to 47
- Percent of Original List Price Received increased 0.7% to 100.2%
- Months Supply of Inventory decreased 12.0% to 2.2
All comparisons are to 2017
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Mortgage Rates Fall Again
Mortgage rates declined over the past week and have now retreated in four of the past five weeks. The decrease in borrowing costs are a nice slice of relief for prospective buyers looking to get into the market this summer. Some are undoubtedly feeling the affordability hit from swift price appreciation and mortgage rates that are still 67 basis points higher than this week a year ago.
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending June 16, 2018
Sales across the nation have risen not only because this time of year typically offers an increase in residential real estate activity, but because this year in particular has proven to have strong economic and market conditions. While it’s still true that prices are rising and inventory is tightening, these long-standing trends have been happening gradually enough to not deter those who are serious about becoming homeowners.
In the Twin Cities region, for the week ending June 16:
- New Listings increased 10.1% to 2,057
- Pending Sales decreased 4.3% to 1,420
- Inventory decreased 18.0% to 10,898
For the month of May:
- Median Sales Price increased 8.4% to $271,000
- Days on Market decreased 9.6% to 47
- Percent of Original List Price Received increased 0.7% to 100.2%
- Months Supply of Inventory decreased 12.0% to 2.2
All comparisons are to 2017
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
May Monthly Skinny Video
“Buyers need to remain watchful of new listings and make their offers quickly.”
Mortgage Rates Retreat
Mortgage rates inched back over the past week and have now declined in three of the past four weeks.
After a sharp run-up in the early part of 2018, mortgage rates have stabilized over the last three months, with only a modest uptick since March. However, existing-home sales have hit a wall, declining in six of the last nine months on a year-over-year basis.
This indicates that persistently low supply levels, and not this year’s climb in mortgage rates, are handcuffing sales – especially at the lower end of the market. Home shoppers can’t buy inventory that doesn’t exist.
Existing Home Sales
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