The National Association of REALTORS® released a new report analyzing relocation trends during the pandemic. From March through October 2020, 8.9 million people moved according to the NAR’s analysis of USPS change-of-address data. While this sounds substantial, when comparing to the same period last year, only approximately 94,000 more people moved this year than a year ago. The biggest trend was people moving from large cities to surrounding suburbs, with those counties located closest to big cities seeing the highest relocation gains.

In the Twin Cities region, for the week ending December 5:

• New Listings decreased 2.9% to 851
• Pending Sales increased 7.1% to 999
• Inventory decreased 35.3% to 6,748

For the month of October:

• Median Sales Price increased 12.5% to $315,000
• Days on Market decreased 23.9% to 35
• Percent of Original List Price Received increased 2.4% to 100.5%
• Months Supply of Homes For Sale decreased 36.0% to 1.6

All comparisons are to 2019

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

On Tuesday, the Dow Jones Industrial Average closed over 30,000 for the first time based on the good news in the development of coronavirus vaccines. Strength in the stock market, coupled with ongoing near-record low mortgage rates, continues to support healthy buyer demand in the market, though many take a short pause over the Thanksgiving holiday this week.

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

• New Listings increased 11.2% to 568
• Pending Sales increased 13.6% to 829
• Inventory decreased 34.8% to 7,219

For the month of October:

• Median Sales Price increased 12.5% to $315,000
• Days on Market decreased 23.9% to 35
• Percent of Original List Price Received increased 2.4% to 100.5%
• Months Supply of Homes For Sale decreased 36.0% to 1.6

All comparisons are to 2019

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

The National Association of REALTORS® reported that existing-home sales rose again in October, the fifth monthly increase in a row. Total existing-home sales increased 4.3% from September, rising to a seasonally adjusted annual rate of 6.85 million homes, and marking the highest home sales level in 15 years. While home sales activity slows during the holiday season, overall buyer demand remains strong.

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

• New Listings increased 5.2% to 990
• Pending Sales increased 8.8% to 1,093
• Inventory decreased 33.5% to 7,604

For the month of October:

• Median Sales Price increased 12.5% to $315,000
• Days on Market decreased 23.9% to 35
• Percent of Original List Price Received increased 2.4% to 100.5%
• Months Supply of Homes For Sale decreased 36.0% to 1.6

All comparisons are to 2019

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

The Mortgage Bankers Association reported this week that mortgage credit availability increased in October, the first increase since July. Increasing credit availability means that lending standards are loosening, albeit slightly. Overall, credit availability increased for low credit scores and higher LTV loans, with convention credit supply increasing 5.1 percent, while government credit supply was effectively flat. Although the October increase was welcome news, credit availability remains near lows last seen in 2014.

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

• New Listings decreased 6.3% to 981
• Pending Sales increased 4.8% to 1,096
• Inventory decreased 32.3% to 8,004

For the month of October:

• Median Sales Price increased 12.5% to $315,000
• Days on Market decreased 23.9% to 35
• Percent of Original List Price Received increased 2.4% to 100.5%
• Months Supply of Homes For Sale decreased 36.0% to 1.6

All comparisons are to 2019

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