Monday, June 15th, 2020

For Week Ending June 6, 2020

Continued low mortgage rates have boosted mortgage applications from prospective home buyers. The Mortgage Bankers Association reported that mortgage applications to purchase a home rose 5% last week, which is 18% higher than applications a year ago. Mortgage applications were down as much as 35% from a year prior just six weeks ago, showing an incredible rebound from the impact of COVID-19.

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

  • New Listings decreased 25.0% to 1,674
  • Pending Sales decreased 5.6% to 1,418
  • Inventory decreased 18.0% to 9,869

For the month of May:

  • Median Sales Price increased 3.2% to $294,250
  • Days on Market decreased 8.9% to 41
  • Percent of Original List Price Received decreased 0.4% to 99.6%
  • Months Supply of Homes For Sale decreased 20.0% to 2.0

All comparisons are to 2019

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

Posted in Weekly Report |
Monday, June 8th, 2020

For Week Ending May 30, 2020

Buyer activity continues to improve as states and localities slowly open up. ShowingTime is reporting that nationally, showing activity has been climbing since mid-April and is now at or above the same time last year. This increase in buyer showings predicts continued improvement in pending and closed sales numbers in the weeks to come.

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

  • New Listings decreased 27.8% to 1,406
  • Pending Sales decreased 10.7% to 1,246
  • Inventory decreased 16.4% to 9,935

For the month of April:

  • Median Sales Price increased 8.9% to $305,000
  • Days on Market decreased 17.5% to 47
  • Percent of Original List Price Received increased 0.5% to 99.9%
  • Months Supply of Homes For Sale decreased 9.1% to 2.0

All comparisons are to 2019

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

Posted in Weekly Report |
Monday, June 1st, 2020

For Week Ending May 23, 2020

Mortgage rates have now been below 3.30 percent for four consecutive weeks, according to the latest update from Freddie Mac. These near-record low rates have been a catalyst for the recovering buyer activity in the housing market while sellers continue to maintain a little more cautious approach.

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

  • New Listings decreased 11.7% to 1,668
  • Pending Sales decreased 11.0% to 1,453
  • Inventory decreased 17.1% to 9,764

For the month of April:

  • Median Sales Price increased 8.9% to $305,000
  • Days on Market decreased 17.5% to 47
  • Percent of Original List Price Received increased 0.5% to 99.9%
  • Months Supply of Homes For Sale decreased 9.1% to 2.0

All comparisons are to 2019

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

Posted in Weekly Report |
Tuesday, May 26th, 2020

For Week Ending May 16, 2020

More than 4.1 million homeowners are now in mortgage forbearance plans, according to the Mortgage Bankers Association’s latest survey. Homeowners affected by COVID-19 with a federally backed home loan can delay mortgage payments for up to a year as part of the CARES Act passed by Congress. While the latest numbers are an increase from last week, it was the smallest increase since March 10th.

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

  • New Listings decreased 27.5% to 1,599
  • Pending Sales decreased 8.0% to 1,341
  • Inventory decreased 13.6% to 9,791

For the month of April:

  • Median Sales Price increased 8.9% to $305,000
  • Days on Market decreased 17.5% to 47
  • Percent of Original List Price Received increased 0.5% to 99.9%
  • Months Supply of Homes For Sale decreased 13.6% to 1.9

All comparisons are to 2019

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

Posted in Weekly Report |
Tuesday, May 26th, 2020

April’s median sales price was up 8.9% compared to April of last year.

Posted in Monthly Skinny Video |