With the 30-year fixed-rate mortgage approximately one percentage point lower than a year ago according to Freddie Mac, buyers are actively taking advantage. Home refinancing is also going strong and overall mortgage demand, which includes purchase mortgages as well as refinancings, is up 50% from a year ago. Lower mortgage rates help maintain housing affordability in the face of price appreciation across much of the country.

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

• New Listings decreased 2.7% to 1,517
• Pending Sales increased 1.5% to 1,180
• Inventory decreased 3.4% to 12,597

For the month of August:

• Median Sales Price increased 7.1% to $286,900
• Days on Market increased 2.5% to 41
• Percent of Original List Price Received decreased 0.2% to 99.0%
• Months Supply of Homes For Sale remained flat at 2.6

All comparisons are to 2018

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

With the 30-year fixed-rate mortgage approximately one percentage point lower than a year ago according to Freddie Mac, buyers are actively taking advantage. Home refinancing is also going strong and overall mortgage demand, which includes purchase mortgages as well as refinancings, is up 50% from a year ago. Lower mortgage rates help maintain housing affordability in the face of price appreciation across much of the country.

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

• New Listings decreased 2.7% to 1,517
• Pending Sales increased 1.5% to 1,180
• Inventory decreased 3.4% to 12,597

For the month of August:

• Median Sales Price increased 7.1% to $286,900
• Days on Market increased 2.5% to 41
• Percent of Original List Price Received decreased 0.2% to 99.0%
• Months Supply of Homes For Sale remained flat at 2.6

All comparisons are to 2018

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

The Commerce Department reported sales of newly built homes nationwide have surged 18% compared to a year ago and housing starts and building permits reached a 12-year high in August. This surge in both sales and new construction shows strong market confidence by both buyers and builders. However, further increases in new construction starts are still required to meet demand and bring more balance.

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

• New Listings decreased 3.3% to 1,546
• Pending Sales decreased 3.0% to 1,112
• Inventory decreased 3.6% to 12,716

For the month of August:

• Median Sales Price increased 7.0% to $286,875
• Days on Market increased 2.5% to 41
• Percent of Original List Price Received decreased 0.2% to 99.0%
• Months Supply of Homes For Sale remained flat at 2.6

All comparisons are to 2018

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

The Commerce Department reported sales of newly built homes nationwide have surged 18% compared to a year ago and housing starts and building permits reached a 12-year high in August. This surge in both sales and new construction shows strong market confidence by both buyers and builders. However, further increases in new construction starts are still required to meet demand and bring more balance.

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

• New Listings decreased 3.3% to 1,546
• Pending Sales decreased 3.0% to 1,112
• Inventory decreased 3.6% to 12,716

For the month of August:

• Median Sales Price increased 7.0% to $286,875
• Days on Market increased 2.5% to 41
• Percent of Original List Price Received decreased 0.2% to 99.0%
• Months Supply of Homes For Sale remained flat at 2.6

All comparisons are to 2018

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

This week the National Association of REALTORS® reported that nationally, August existing-home sales rose 2.6% from a year ago. Additionally, the Federal Reserve announced a rate cut for the second time in seven weeks, though this was widely expected and largely factored into mortgage rates already. A strong economy along with mortgage rates near their lows for the year continue to support healthy housing demand.

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

• New Listings increased 7.6% to 1,676
• Pending Sales decreased 2.4% to 1,158
• Inventory decreased 4.4% to 12,628

For the month of August:

• Median Sales Price increased 6.9% to $286,500
• Days on Market increased 2.5% to 41
• Percent of Original List Price Received decreased 0.2% to 99.0%
• Months Supply of Homes For Sale remained flat at 2.6

All comparisons are to 2018

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