Metro Homes Market

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Archives for October 2024

Mortgage Rates Increase for the Fifth Consecutive Week

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October 31, 2024
Increasing for the fifth consecutive week, mortgage rates reached their highest level since the beginning of August. With several potential inflection points happening over the next week, including the jobs report, the 2024 election, and the Federal Reserve interest rate decision, we can expect mortgage rates to remain volatile. Although uncertainty will remain, it does appear mortgage rates are cresting, and are not expected to reach the highs seen earlier this year.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending October 19, 2024

The number of homes for sale continues to grow nationwide, with Realtor.com reporting there were 34% more homes actively for sale in September compared to the same time last year. This marks the 11th consecutive month of annual growth, with supply now at the highest level since April 2020. Despite the upward trend, however, inventory is 23.2% lower compared to typical 2017 – 2019 levels.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 19:

  • New Listings increased 2.4% to 1,215
  • Pending Sales increased 11.5% to 862
  • Inventory increased 10.6% to 10,257

FOR THE MONTH OF SEPTEMBER:

  • Median Sales Price increased 2.4% to $380,000
  • Days on Market increased 14.7% to 39
  • Percent of Original List Price Received decreased 0.8% to 98.5%
  • Months Supply of Homes For Sale increased 12.0% to 2.8

All comparisons are to 2023

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

Mortgage Rates Increase Once Again

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October 24, 2024
The continued strength in the economy drove mortgage rates higher once again this week. Over the last few years, there has been a tension between downbeat economic narrative and incoming economic data stronger than that narrative. This has led to higher-than-normal volatility in mortgage rates, despite a strengthening economy.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending October 12, 2024

According to the Mortgage Bankers Association, the median mortgage application payment was $2,057 in August, down from $2,140 in July, marking the fourth consecutive month affordability conditions improved. Mortgage rates are down significantly from their peak of 7.79% last October, which should help bring additional buyers to the market in the months ahead.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 12:

  • New Listings increased 12.5% to 1,368
  • Pending Sales increased 7.3% to 865
  • Inventory increased 10.8% to 10,244

FOR THE MONTH OF SEPTEMBER:

  • Median Sales Price increased 2.4% to $379,950
  • Days on Market increased 14.7% to 39
  • Percent of Original List Price Received decreased 0.8% to 98.5%
  • Months Supply of Homes For Sale increased 12.0% to 2.8

All comparisons are to 2023

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