Weekly Market Report

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For Week Ending November 21, 2020

The National Association of REALTORS® reported that existing-home sales rose again in October, the fifth monthly increase in a row. Total existing-home sales increased 4.3% from September, rising to a seasonally adjusted annual rate of 6.85 million homes, and marking the highest home sales level in 15 years. While home sales activity slows during the holiday season, overall buyer demand remains strong.

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

  • New Listings increased 5.2% to 990
  • Pending Sales increased 8.8% to 1,093
  • Inventory decreased 33.5% to 7,604

For the month of October:

  • Median Sales Price increased 12.5% to $315,000
  • Days on Market decreased 23.9% to 35
  • Percent of Original List Price Received increased 2.4% to 100.5%
  • Months Supply of Homes For Sale decreased 36.0% to 1.6

All comparisons are to 2019

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

Mortgage Rates Hold Steady Heading into the Thanksgiving Holiday

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November 25, 2020
Mortgage rates remain at record lows and while that has fueled a refinance boom, it’s been driven mainly by higher income borrowers. With about 20 million borrowers eligible to refinance, lower-and middle-income borrowers are leaving money on the table by not taking advantage of low rates. On the homebuying side, demand continues to surge, and it has created a seller’s market where inventory is at a record low and home prices are rising, beginning to offset the benefits of the low rates.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending November 14, 2020

The Mortgage Bankers Association reported this week that mortgage credit availability increased in October, the first increase since July. Increasing credit availability means that lending standards are loosening, albeit slightly. Overall, credit availability increased for low credit scores and higher LTV loans, with convention credit supply increasing 5.1 percent, while government credit supply was effectively flat. Although the October increase was welcome news, credit availability remains near lows last seen in 2014.

In the Twin Cities region, for the week ending November 14:

  • New Listings decreased 6.3% to 981
  • Pending Sales increased 4.8% to 1,096
  • Inventory decreased 32.3% to 8,004

For the month of October:

  • Median Sales Price increased 12.5% to $315,000
  • Days on Market decreased 23.9% to 35
  • Percent of Original List Price Received increased 2.4% to 100.5%
  • Months Supply of Homes For Sale decreased 36.0% to 1.6

All comparisons are to 2019

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

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