New listings finally started to perk up across the nation last week, effectively launching residential real estate into the springtime selling season. Much has been said and written about the slow launch of new homes for sale in what was anticipated to be a year of rising inventory. Mother Nature has had different plans so far in several markets, adding another burst of winter weather in April that may spoil an otherwise promising start to the second quarter of 2019.

In the Twin Cities region, for the week ending April 6:

• New Listings decreased 3.4% to 1,883
• Pending Sales decreased 6.1% to 1,208
• Inventory decreased 2.2% to 8,797

For the month of March:

• Median Sales Price increased 6.5% to $275,000
• Days on Market increased 15.8% to 66
• Percent of Original List Price Received decreased 0.5% to 98.6%
• Months Supply of Homes For Sale remained flat at 1.8

All comparisons are to 2018

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

The national unemployment rate held firm at 3.8 percent for the second month in a row, which is good news for an economy that has shown signs of slowing down during the first three months of 2019. Hiring and wage gains have both been below expectations, retail sales dropped considerably to close 2018, and there have been fewer home sales across the nation. Maintaining a historically low unemployment rate is reassuring and may offer confidence to many wary and weary consumers.

In the Twin Cities region, for the week ending March 30:

• New Listings increased 18.6% to 1,470
• Pending Sales decreased 3.1% to 1,151
• Inventory decreased 4.3% to 8,657

For the month of February:

• Median Sales Price increased 6.2% to $265,500
• Days on Market remained flat at 69
• Percent of Original List Price Received decreased 0.3% to 97.7%
• Months Supply of Homes For Sale remained flat at 1.7

All comparisons are to 2018

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

As new listings continue to fail to gain traction and inventory struggles to keep pace with the already low figures from last year, one begins to wonder if the U.S. is poised for a real estate slowdown. Some observers are seeing this as an inevitability, as investors price out more typical, family-driven home buyers. Housing starts and permits are also trending downward, and research indicates that the percentage of sales with price reductions are on the rise.

In the Twin Cities region, for the week ending March 23:

• New Listings decreased 10.4% to 1,428
• Pending Sales decreased 16.5% to 1,030
• Inventory decreased 5.6% to 8,429

For the month of February:

• Median Sales Price increased 6.2% to $265,500
• Days on Market remained flat at 69
• Percent of Original List Price Received decreased 0.3% to 97.7%
• Months Supply of Homes For Sale remained flat at 1.7

All comparisons are to 2018

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

The Federal Reserve recently announced that interest rates will remain steady and that further rate hikes are not planned for 2019. Given that the federal funds rate has increased nine times over the past three years, this is welcome news for consumers carrying high credit card balances. The overall economy, inflation and Fed actions also have an effect on mortgage rates, so it is generally good news when rate hikes are paused, especially when total sales are dropping in many parts of the nation.

In the Twin Cities region, for the week ending March 16:

• New Listings decreased 12.2% to 1,374
• Pending Sales decreased 20.8% to 976
• Inventory decreased 5.8% to 8,273

For the month of February:

• Median Sales Price increased 6.2% to $265,500
• Days on Market remained flat at 69
• Percent of Original List Price Received decreased 0.3% to 97.7%
• Months Supply of Homes For Sale remained flat at 1.7

All comparisons are to 2018

Click here for the full Weekly Market Activity Report. From The Skinny Blog.