With the 30-year fixed-rate mortgage approximately one percentage point lower than a year ago according to Freddie Mac, buyers are actively taking advantage. Home refinancing is also going strong and overall mortgage demand, which includes purchase mortgages as well as refinancings, is up 50% from a year ago. Lower mortgage rates help maintain housing affordability in the face of price appreciation across much of the country.
In the Twin Cities region, for the week ending October 5:
- New Listings decreased 2.7% to 1,517
- Pending Sales increased 1.5% to 1,180
- Inventory decreased 3.4% to 12,597
For the month of August:
- Median Sales Price increased 7.1% to $286,900
- Days on Market increased 2.5% to 41
- Percent of Original List Price Received decreased 0.2% to 99.0%
- Months Supply of Homes For Sale remained flat at 2.6
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.