Metro Homes Market

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Archives for February 2025

Mortgage Rates Decrease

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February 6, 2024
The 30-year fixed-rate mortgage decreased this week, now averaging 6.89%. Mortgage rates have been stable over the last month and incoming data suggest the economy remains on firm footing. Even though rates are higher compared to last year, the last two weeks of purchase applications are modestly above what was seen a year ago, indicating some latent demand in the market.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending January 25, 2025

U.S. housing starts jumped 15.8% month-over-month to a seasonally adjusted annual rate of 1,499,000 units, but were down 4.4% from one year ago, according to the U.S. Census Bureau. Single-family starts climbed 3.3% month-over-month to a seasonally adjusted annual rate of 1,050,000 units, while multi-family starts surged 58.9% to a seasonally adjusted annual rate of 418,000 units.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 25:

  • New Listings increased 2.2% to 886
  • Pending Sales decreased 15.2% to 610
  • Inventory decreased 2.3% to 6,888

FOR THE MONTH OF DECEMBER:

  • Median Sales Price increased 4.6% to $370,000
  • Days on Market increased 9.8% to 56
  • Percent of Original List Price Received increased 0.3% to 97.0%
  • Months Supply of Homes For Sale remained flat at 1.9

All comparisons are to 2024

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