Strong buyer activity continues into the back-to-school season that normally signals the seasonal slowing of the housing market. With more buyers in the market and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep agents and prospective homebuyers and sellers quite busy this fall.

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

• New Listings decreased 3.4% to 1,669
• Pending Sales increased 40.3% to 1,601
• Inventory decreased 30.2% to 8,942

For the month of July:

• Median Sales Price increased 10.6% to $313,000
• Days on Market increased 7.9% to 41
• Percent of Original List Price Received increased 0.5% to 100.1%
• Months Supply of Homes For Sale decreased 23.1% to 2.0

All comparisons are to 2019

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

Mortgage rates continue to remain near all-time lows. This week, mortgage giant Freddie Mac reported that average rates on a 30-year fixed-rate mortgage were 2.91% with an average of .8 points, just slightly above the record-low rate of 2.88% recorded earlier in the month. The Federal Reserve has announced that they will be adopting a more flexible monetary policy in an effort to achieve inflation that averages 2% over time, which is likely to keep mortgage rates low and provide further support to economic activity for an extended period of time.

In the Twin Cities region, for the week ending August 29:

• New Listings increased 24.2% to 1,730
• Pending Sales increased 18.0% to 1,540
• Inventory decreased 30.7% to 9,094

For the month of July:

• Median Sales Price increased 10.6% to $313,000
• Days on Market increased 7.9% to 41
• Percent of Original List Price Received increased 0.5% to 100.1%
• 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.

New construction activity continues to show strength, reaching pre-COVID-19 levels. The latest report from the Commerce Department and U.S. Housing and Urban Development shows total housing production is up 22.6% to a seasonally adjusted annual rate of nearly 1.5 million units, the highest rate since February. Lumber prices have surged more than 110% since mid-April, adding approximately $14,000 to the typical new single-family home according to National Association of Home Builder estimates. Many are finding new construction home prices have increased in recent months from the pressures of increased costs to builders and strong consumer demand.

In the Twin Cities region, for the week ending August 22:

• New Listings increased 4.0% to 1,771
• Pending Sales increased 21.7% to 1,582
• Inventory decreased 30.3% to 9,262

For the month of July:

• Median Sales Price increased 10.6% to $313,000
• Days on Market increased 7.9% to 41
• Percent of Original List Price Received increased 0.5% to 100.1%
• 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.

Weekly new unemployment insurance claims dropped below one million for the first time since March last week. More than 28 million people are receiving some form of unemployment benefits as of July 25th, which was down more than 3 million from the previous week. Economists are concerned that many of those laid off since the start of COVID-19 may lose their jobs permanently, as some businesses, both large and small, have downsized or closed in recent months. Replacing those lost jobs is likely to be a lengthy process.

In the Twin Cities region, for the week ending August 15:

• New Listings increased 6.4% to 1,842
• Pending Sales increased 12.3% to 1,563
• Inventory decreased 30.0% to 9,252

For the month of July:

• Median Sales Price increased 10.6% to $313,000
• Days on Market increased 7.9% to 41
• Percent of Original List Price Received increased 0.5% to 100.1%
• 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.