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Inventory
Weekly Market Report
For Week Ending March 11, 2017
In the last three months, the Federal Reserve has now twice increased its benchmark interest rate a quarter point. The good news is that this was an expected move due to strong confidence in the economy. Mortgage rates will likely increase as well. That said, homes are still selling quickly, and there is little indication that the trend will slow down in the spring and summer months.
In the Twin Cities region, for the week ending March 11:
- New Listings decreased 3.3% to 1,740
- Pending Sales decreased 11.1% to 1,102
- Inventory decreased 24.8% to 9,290
For the month of February:
- Median Sales Price increased 7.7% to $223,250
- Days on Market decreased 14.6% to 82
- Percent of Original List Price Received increased 1.4% to 96.5%
- Months Supply of Inventory decreased 28.0% to 1.8
All comparisons are to 2016
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Mortgage Rates Move Higher
The FOMC announced its first rate hike of 2017 and hinted at additional increases throughout the remainder of the year. Although Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) was conducted prior to the Fed’s decision, the release of the February jobs report all but guaranteed a rate hike and boosted the 30-year mortgage rate 9 basis points to 4.30 percent this week.
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending March 4, 2017
Tight inventory, lower affordability and higher mortgage rates continue to dominate residential real estate news, but a declining unemployment rate offers a bright spot. Employment in the construction industry had some of the largest gains. It would be great to see this increase translate into an impact on the construction of new homes for sale.
In the Twin Cities region, for the week ending March 4:
- New Listings decreased 11.9% to 1,727
- Pending Sales increased 0.3% to 1,155
- Inventory decreased 23.4% to 9,042
For the month of February:
- Median Sales Price increased 7.6% to $223,000
- Days on Market decreased 14.6% to 82
- Percent of Original List Price Received increased 1.4% to 96.5%
- Months Supply of Inventory decreased 28.0% to 1.8
All comparisons are to 2016
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Mortgage Rates Hit 2017 High
New Listings and Pending Sales
Inventory
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