For Week Ending October 24, 2020

Freddie Mac reported that the 30-year fixed-rate mortgage hit a new all-time low this week, dropping to an average of 2.8% with .6 points. Record-low rates, coupled with continued strong buyer demand seen in recent months, should continue to support an active market in the coming weeks in what is normally a slower time of year.

In the Twin Cities region, for the week ending October 24:

• New Listings increased 8.1% to 1,361
• Pending Sales increased 27.0% to 1,422
• Inventory decreased 29.7% to 8,971

For the month of September:

• Median Sales Price increased 10.8% to $310,000
• Days on Market decreased 15.9% to 37
• Percent of Original List Price Received increased 2.0% to 100.5%
• Months Supply of Homes For Sale decreased 33.3% 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 October 17, 2020

Home prices have surged higher in recent months across much of the country. The National Association of REALTORS® reported that their preliminary figures for August show the median sales price of existing single-family homes nationwide rose to $315,000, up $33,100 from a year ago. While mortgage rates have declined in the last year, the increase in home prices has largely erased the benefit of those lower rates.

In the Twin Cities region, for the week ending October 17:

• New Listings increased 15.3% to 1,533
• Pending Sales increased 21.1% to 1,441
• Inventory decreased 29.8% to 9,125

For the month of September:

• Median Sales Price increased 10.8% to $310,000
• Days on Market decreased 15.9% to 37
• Percent of Original List Price Received increased 2.0% to 100.5%
• Months Supply of Homes For Sale decreased 33.3% 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 October 10, 2020

According to a National Association of Home Builders analysis of Census Bureau data, the lot size of new construction homes is getting smaller. The median lot size for single-family homes sold in 2019 was 8,177 square feet, or .188 acres, its smallest on record. While lot sizes vary by region due to population density, the availability of land, and local regulations, shrinking lot sizes is one way to help partially offset the increasing costs of building a new home.

In the Twin Cities region, for the week ending October 10:

• New Listings increased 12.4% to 1,705
• Pending Sales increased 25.2% to 1,375
• Inventory decreased 30.2% to 9,091

For the month of September:

• Median Sales Price increased 10.8% to $310,000
• Days on Market decreased 15.9% to 37
• Percent of Original List Price Received increased 2.0% to 100.5%
• Months Supply of Homes For Sale decreased 33.3% to 1.8

All comparisons are to 2019

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