For Week Ending September 26, 2020

The Mortgage Bankers Association reported that the share of mortgages currently in forbearance dropped to 6.93% as of September 13, 2020, the 15th weekly decline in a row and its lowest level in five months. The share of mortgages in forbearance peaked in June at 8.55%. The continued decline is a positive sign, but current levels suggest many homeowners are still struggling from unemployment or underemployment due to the pandemic.

In the Twin Cities region, for the week ending September 26:

• New Listings increased 11.2% to 1,747
• Pending Sales increased 27.7% to 1,449
• Inventory decreased 31.1% to 9,154

For the month of August:

• Median Sales Price increased 9.8% to $315,000
• Days on Market decreased 4.9% to 39
• Percent of Original List Price Received increased 1.3% to 100.3%
• Months Supply of Homes For Sale decreased 30.8% to 1.8

All comparisons are to 2019

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

For Week Ending September 19, 2020

In the latest National Association of Home Builders / Wells Fargo Housing Market Index report released this week, home builder confidence in the market for newly-built single-family homes rose five points from 78 in August to 83 in September, tying an all-time high in the 35-year history of the index. While lumber prices are up 170% from mid-April, adding more than $16,000 to the price of a typical new single-family home, strong demand by homebuyers has buoyed builders’ outlook.

In the Twin Cities region, for the week ending September 19:

• New Listings increased 8.6% to 1,854
• Pending Sales increased 25.8% to 1,527
• Inventory decreased 31.2% to 9,076

For the month of August:

• Median Sales Price increased 9.8% to $315,000
• Days on Market decreased 4.9% to 39
• Percent of Original List Price Received increased 1.3% to 100.3%
• Months Supply of Homes For Sale decreased 30.8% to 1.8

All comparisons are to 2019

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

For Week Ending September 12, 2020

The Mortgage Bankers Association (MBA) Mortgage Credit Availability Index (MCAI) in August fell by 4.7 percent to 120.9. A decline in the MCAI indicates that lending standards are tightening, and this latest drop finds the index at its lowest point since March 2014. Tightening lending standards often includes a reduction in loan programs with low credit scores, high loan-to-value ratios, and reduced borrower documentation requirements. So while mortgage rates continue to remain near all-time lows, qualifying for a mortgage is becoming a little more difficult for some borrowers.

In the Twin Cities region, for the week ending September 12:

• New Listings decreased 3.8% to 1,783
• Pending Sales increased 13.5% to 1,384
• Inventory decreased 31.5% to 8,928

For the month of August:

• Median Sales Price increased 9.8% to $315,000
• Days on Market decreased 4.9% to 39
• Percent of Original List Price Received increased 1.3% to 100.3%
• Months Supply of Homes For Sale decreased 30.8% to 1.8

All comparisons are to 2019

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

For Week Ending September 5, 2020

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.

For Week Ending August 29, 2020

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.

For Week Ending October 12, 2019

In the last month, mortgage rates have fallen to their lowest monthly average in more than three years, and now Fannie Mae is predicting that continued low rates, and possibly lower rates, are expected in 2020. These historically low mortgage rates have and will continue to support buyer demand and may create additional lift to home prices as lower financing costs give buyers the ability to offer more to secure their dream home.

In the Twin Cities region, for the week ending October 12:

• New Listings increased 7.3% to 1,496
• Pending Sales decreased 5.9% to 1,036
• Inventory decreased 4.4% to 12,457

For the month of September:

• Median Sales Price increased 6.5% to $279,000
• Days on Market increased 2.4% to 43
• Percent of Original List Price Received increased 0.1% to 98.5%
• Months Supply of Homes For Sale decreased 3.7% to 2.6

All comparisons are to 2018

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