While the Bureau of Economic Analysis reported this week that the US economy contracted at a 32.9% annual rate in Q2 2020, the housing market continues to show strength. Freddie Mac reported 30-year fixed-rate mortgages are hovering around 3% with .8 points, which is three-quarters of a percent lower than this time last year. With showing activity and pending sales still posting strong numbers, the housing market looks to continue to be a bright spot in economic activity.

In the Twin Cities region, for the week ending August 1:

• New Listings decreased 12.1% to 1,774
• Pending Sales increased 9.0% to 1,563
• Inventory decreased 28.2% to 9,332

For the month of June:

• Median Sales Price increased 5.2% to $305,000
• Days on Market increased 2.4% to 42
• Percent of Original List Price Received decreased 0.4% to 99.6%
• Months Supply of Homes For Sale decreased 25.9% to 2.0

All comparisons are to 2019

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

The Mortgage Bankers Association reported that their Purchase Index of mortgage applications was 19 percent higher than the same week one year ago. Continued high levels of home purchase mortgage applications suggests that home buyer interest and activity will remain strong in the coming weeks.

In the Twin Cities region, for the week ending July 25:

• New Listings increased 0.7% to 1,777
• Pending Sales increased 8.8% to 1,499
• Inventory decreased 28.7% to 9,303

For the month of June:

• Median Sales Price increased 5.2% to $305,000
• Days on Market increased 2.4% to 42
• Percent of Original List Price Received decreased 0.4% to 99.6%
• Months Supply of Homes For Sale decreased 25.9% to 2.0

All comparisons are to 2019

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

The latest figures released by the Department of Commerce show total housing starts in June rose 17.3% to a seasonally adjusted annual rate of 1.19 million units, with single-family units leading the way with a 17.2% increase to a seasonally adjusted rate of 831,000 per year. With demand for housing strong across most of the nation, this increase in new construction is welcome, but will do little to significantly impact the lack of housing inventory nationwide.

In the Twin Cities region, for the week ending July 18:

• New Listings decreased 9.1% to 1,753
• Pending Sales increased 10.2% to 1,541
• Inventory decreased 27.2% to 9,339

For the month of June:

• Median Sales Price increased 5.2% to $304,995
• Days on Market increased 2.4% to 42
• Percent of Original List Price Received decreased 0.4% to 99.6%
• Months Supply of Homes For Sale decreased 29.6% to 1.9

All comparisons are to 2019

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

Mortgage rates continue to hit new lows. This week, mortgage giant Freddie Mac reported that rates on a 30-year fixed-rate mortgage fell to a new record low of 3.03% with an average of .8 points. That is down from 3.07% last week and 3.75% from the same week a year ago. Record-low rates are continuing to boost already strong buyer demand throughout most of the country and economists expect rates to continue to remain low in the near future.

In the Twin Cities region, for the week ending July 11:

• New Listings decreased 18.8% to 1,834
• Pending Sales decreased 0.5% to 1,507
• Inventory decreased 25.9% to 9,287

For the month of June:

• Median Sales Price increased 5.2% to $305,000
• Days on Market increased 2.4% to 42
• Percent of Original List Price Received decreased 0.4% to 99.6%
• Months Supply of Homes For Sale decreased 29.6% to 1.9

All comparisons are to 2019

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