For Week Ending November 3, 2018

According to Freddie Mac, the 30-year fixed rate is at its highest average in seven years, reaching 4.94 percent. Last year at this time, the average rate was 3.90 percent. The higher rates are causing a slowdown in home price growth in some markets, but not all markets yet. Keeping a positive perspective, average rates were 5.97 percent ten years ago at this time, 6.78 percent 20 years ago and 10.39 percent 30 years ago. For maximum comparative impact, consider the 17.21 percent average rate of November 1981.

In the Twin Cities region, for the week ending November 3:

• New Listings increased 9.7% to 1,115
• Pending Sales decreased 16.5% to 943
• Inventory decreased 1.1% to 12,095

For the month of September:

• Median Sales Price increased 6.1% to $262,000
• Days on Market decreased 16.0% to 42
• Percent of Original List Price Received increased 0.3% to 98.4%
• Months Supply of Inventory remained flat at 2.6

All comparisons are to 2017

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending October 27, 2018

Real estate professionals from around the globe recently gathered in Boston to network, teach, learn and share at the National Association of REALTORS® Conference and Expo. It is an annual tradition that has been going strong since 1908. An organized real estate industry is a healthy one that can have a positive effect on real estate transactions and beyond. The relative market balance being experienced across the nation can’t entirely be attributed to REALTOR® cooperation, but it certainly doesn’t hurt.

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

• New Listings increased 15.0% to 1,239
• Pending Sales decreased 9.1% to 941
• Inventory decreased 1.4% to 12,374

For the month of September:

• Median Sales Price increased 6.1% to $262,000
• Days on Market decreased 16.0% to 42
• Percent of Original List Price Received increased 0.3% to 98.4%
• Months Supply of Inventory remained flat at 2.6

All comparisons are to 2017

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending October 20, 2018

In general, the country is experiencing a balanced real estate market in one form or another, depending on geographic location. While it is true that median sales prices are relatively high in terms of housing affordability for the standard household wage, metrics such as new listings, pending sales and inventory are all fairly level with year-ago levels in much of the nation. At a time of stock market volatility, political uncertainty and rising interest rates, this is very welcome news.

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

• New Listings increased 4.3% to 1,387
• Pending Sales decreased 5.6% to 1,021
• Inventory decreased 2.3% to 12,397

For the month of September:

• Median Sales Price increased 6.1% to $262,000
• Days on Market decreased 16.0% to 42
• Percent of Original List Price Received increased 0.3% to 98.4%
• Months Supply of Inventory remained flat at 2.6

All comparisons are to 2017

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending October 13, 2018

It is that rare two-week window when not only politicians battle each other in order to convince voters who is best, but when professional football, baseball, hockey and basketball teams are battling for dominance in their respective sports. Competition is in the air, and yet the bulk of residential real estate markets across the country continue to enjoy a fair and balanced playing field. Even inventory, which has been down for years, is not looking so far from year-ago levels.

In the Twin Cities region, for the week ending October 13:

• New Listings increased 1.6% to 1,389
• Pending Sales decreased 1.6% to 1,064
• Inventory decreased 2.9% to 12,494

For the month of September:

• Median Sales Price increased 6.1% to $262,000
• Days on Market decreased 16.0% to 42
• Percent of Original List Price Received increased 0.3% to 98.4%
• Months Supply of Inventory remained flat at 2.6

All comparisons are to 2017

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending October 6, 2018

Residential real estate continues to churn out impressive numbers as we reach deeper into autumn. In many markets, new listings and/or pending sales are still outperforming the results from this same time last year. When the economy is strong, buyers and sellers will remain active beyond the more traditional selling season. Predictions for a slowdown are rolling in, but we’re not there yet. Let’s take a look at what’s happening locally.

In the Twin Cities region, for the week ending October 6:

• New Listings increased 11.0% to 1,554
• Pending Sales decreased 1.3% to 1,121
• Inventory decreased 3.3% to 12,532

For the month of September:

• Median Sales Price increased 6.1% to $262,000
• Days on Market decreased 16.0% to 42
• Percent of Original List Price Received increased 0.3% to 98.4%
• Months Supply of Inventory remained flat at 2.6

All comparisons are to 2017

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending September 29, 2018

The U.S. unemployment rate recently dropped to 3.7 percent, which is its lowest mark since December 1969. The economy continues to bear impressive fruit within and outside of residential real estate, and the Federal Reserve has reacted by raising the benchmark federal funds rate by a quarter of a percentage point, the third rate hike of 2018. While this may be undesirable news for those carrying high credit debt, it is also a reflection of a bright economic outlook.

In the Twin Cities region, for the week ending September 29:

• New Listings increased 15.0% to 1,592
• Pending Sales decreased 6.3% to 1,123
• Inventory decreased 4.7% to 12,653

For the month of August:

• Median Sales Price increased 6.3% to $268,000
• Days on Market decreased 16.7% to 40
• Percent of Original List Price Received increased 0.7% to 99.2%
• Months Supply of Inventory remained flat at 2.6

All comparisons are to 2017

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending September 22, 2018

Seven years ago, FICO conducted a survey of bankers that concluded that home prices would not recover until 2020. While roughly one million people are still considered underwater in terms of home value, many people would consider the housing industry to not only be fully recovered but flying forward toward unprecedented price points. While high prices may soon begin to turn buyers off, it will be interesting to see if there is a measurable slowdown in real estate activity versus a natural shift to balanced prices.

In the Twin Cities region, for the week ending September 22:

• New Listings increased 6.1% to 1,555
• Pending Sales increased 3.0% to 1,156
• Inventory decreased 5.3% to 12,632

For the month of August:

• Median Sales Price increased 6.3% to $268,000
• Days on Market decreased 16.7% to 40
• Percent of Original List Price Received increased 0.7% to 99.2%
• Months Supply of Inventory decreased 3.8% to 2.5

All comparisons are to 2017

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending September 15, 2018

The kids are tucked into schools, harvest festivals and fall equinox parties are underway, and residential real estate markets are entering a new season with strong fundamentals and healthy levels of activity. While it is sensible to monitor reputable news sources that report on housing with respectable statistics to back claims, it is also important to stay grounded in the reality that we continue to enjoy a prosperous time in real estate.

In the Twin Cities region, for the week ending September 15:

• New Listings increased 19.5% to 1,836
• Pending Sales increased 4.8% to 1,195
• Inventory decreased 6.3% to 12,475

For the month of August:

• Median Sales Price increased 6.3% to $268,000
• Days on Market decreased 16.7% to 40
• Percent of Original List Price Received increased 0.7% to 99.2%
• Months Supply of Inventory decreased 3.8% to 2.5

All comparisons are to 2017

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending September 8, 2018

Changing demographics, income levels, corporate growth and natural disasters all affect residential real estate markets. Home prices in Seattle and San Francisco have increased amidst e-commerce and technology success stories, while listings and sales decline precipitously when a hurricane strikes. This week, we are reminded of the destruction delivered by Hurricane Harvey to Houston at this time last year. From Katrina to Sandy to Maria to Florence, housing markets have bent but remain unbroken.

In the Twin Cities region, for the week ending September 8:

• New Listings increased 3.8% to 1,755
• Pending Sales decreased 2.3% to 1,048
• Inventory decreased 7.2% to 12,213

For the month of August:

• Median Sales Price increased 6.3% to $268,000
• Days on Market decreased 16.7% to 40
• Percent of Original List Price Received increased 0.7% to 99.2%
• Months Supply of Inventory decreased 3.8% to 2.5

All comparisons are to 2017

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending September 1, 2018

At this time of year, there tends to be a final push to get a housing deal done before a natural switch in focus toward the likes of back-to-school needs, home preparation for colder weather and even pre-planning for winter holiday and leisure travel. Although there doesn’t appear to be a huge national increase in sales compared to last year, there also isn’t any overt let-down. Residential real estate is healthy now and should continue to be healthy into the fall and winter seasons.

In the Twin Cities region, for the week ending September 1:

• New Listings decreased 1.4% to 1,291
• Pending Sales increased 0.4% to 1,217
• Inventory decreased 7.6% to 12,438

For the month of July:

• Median Sales Price increased 6.6% to $268,000
• Days on Market decreased 17.4% to 38
• Percent of Original List Price Received increased 0.7% to 99.8%
• Months Supply of Inventory decreased 7.4% to 2.5

All comparisons are to 2017

Click here for the full Weekly Market Activity Report. From The Skinny Blog.