For Week Ending September 28, 2024
The average rate on a 30-year fixed mortgage dropped to 6.08% the week ending September 26, 2024, the lowest level in two years, according to Freddie Mac. Rates have fallen one and a half percentage points over the past 12 months, and buying power has increased significantly as a result, with Realtor.com reporting the typical homebuyer could afford a home priced $74,000 higher than the October 2023 median sales price for the same monthly payment.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING SEPTEMBER 28:
- New Listings increased 11.5% to 1,337
- Pending Sales increased 4.4% to 935
- Inventory increased 12.3% to 10,293
FOR THE MONTH OF AUGUST:
- Median Sales Price increased 2.2% to $388,500
- Days on Market increased 21.2% to 40
- Percent of Original List Price Received decreased 1.3% to 98.7%
- Months Supply of Homes For Sale increased 17.4% to 2.7
All comparisons are to 2023
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.