A surprisingly strong July jobs report showed 255,000 jobs added and 0.3 percent wage growth from last month, exceeding many experts’ expectations. In response, the 10-Year Treasury yield rose to its highest level since June and the 30-year fixed-rate mortgage increased 2 basis points to 3.45 percent.
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New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending July 30, 2016
It’s only August, but this time during summer usually means making plans for changes ahead, especially the start of a new school year. For potential home buyers with school-aged children, these are the pivotal days for deciding whether or not to purchase or wait. With inventory as low as it is, we are in a place where big moves will be made or saved for later, and sales figures will reflect as much.
In the Twin Cities region, for the week ending July 30:
- New Listings increased 3.3% to 1,723
- Pending Sales decreased 4.6% to 1,289
- Inventory decreased 18.0% to 14,588
For the month of July:
- Median Sales Price increased 6.6% to $239,900
- Days on Market decreased 15.9% to 53
- Percent of Original List Price Received increased 0.8% to 98.4%
- Months Supply of Inventory decreased 23.7% to 2.9
All comparisons are to 2015
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Mortgage Rates Fall Back Near 2016 Low
Treasury yields fell last week, and mortgage rates, which had moved up 7 basis points over the past three weeks, responded by erasing most of those gains, falling 5 basis points to 3.43 percent this week for the 30-year fixed-rate mortgage. Mortgage rates have been below 3.5 percent every week since June 30. Borrowers are taking advantage of these low rates by refinancing.
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending July 23, 2016
Homes are selling faster now than they have in the past six to seven years, resulting in the need for buyers to move quickly on a home purchase. Although high prices usually encourage more sellers to come forth, people have proven hesitant to put their homes on the market due to concerns about being able to find their own new and reasonably priced home.
In the Twin Cities region, for the week ending July 23:
- New Listings increased 1.3% to 1,826
- Pending Sales decreased 4.6% to 1,298
- Inventory decreased 18.0% to 14,546
For the month of June:
- Median Sales Price increased 5.3% to $242,000
- Days on Market decreased 16.7% to 55
- Percent of Original List Price Received increased 1.0% to 98.7%
- Months Supply of Inventory decreased 23.7% to 2.9
All comparisons are to 2015
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Mortgage Rates Up Slightly
The 10-year Treasury yield remained flat this week in anticipation of the Fed’s July policy meeting. Mortgage rates, on the other hand, rose another 3 basis points to 3.48 percent. Nonetheless, home sales continue to benefit from the persistently low mortgage rates with June’s new home sales coming in at an annualized rate of 592,000 homes – its fastest pace since 2008.
New Listings and Pending Sales
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