Weekly Market Report

For Week Ending April 27, 2019

The national unemployment rate dropped to 3.6 percent during April 2019, the lowest level since 1969. A historically low unemployment rate can provide reassurance to wary consumers. But in order for sales to increase on a grand scale, buyers will need more spending power, or sellers will need to reduce prices to land where buyers are most active. Neither situation is likely to occur in 2019, yet inventory is straining to keep pace in the most competitive price ranges.

In the Twin Cities region, for the week ending April 27:

  • New Listings increased 10.1% to 1,953
  • Pending Sales decreased 4.1% to 1,363
  • Inventory decreased 1.8% to 9,492

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 increased 5.6% to 1.9

All comparisons are to 2018

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

Mortgage Rates Drop

May 2, 2019
Slightly weaker inflation and labor economic data caused mortgage rates to dip this week. Moving into summer, we expect rates to be about a quarter to half a percentage point lower than where they were last year, which is good news for the housing market. These lower rates combined with solid economic growth, low inflation and rebounding consumer confidence should provide a solid foundation for home sales to continue to improve over the next couple of months.

Information provided by Freddie Mac.

Weekly Market Report

For Week Ending April 20, 2019

Despite one of the latest snowfalls in recent memory in places like North Dakota, Idaho, Colorado, Wisconsin and Illinois, among other Western and Midwestern states, house hunters in these locales and other warmer places do not seem particularly phased by wintry or wet weather. The spring market has sprung, and new listings are pressing upward with more frequency in several markets. Sales remain lower than last year in much of the country. Here is how the local market is faring.

In the Twin Cities region, for the week ending April 20:

  • New Listings decreased 5.3% to 1,581
  • Pending Sales decreased 0.7% to 1,330
  • Inventory decreased 1.5% to 9,405

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 increased 5.6% to 1.9

All comparisons are to 2018

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

Mortgage Rates Continue to Climb

April 25, 2019
Despite the recent rise in mortgage rates, both existing and new home sales continue to show strength – indicating the lagged effect of lower rates on housing demand. This, along with improved affordability, should push housing activity higher in the coming months.

Information provided by Freddie Mac.

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