Metro Homes Market

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Mortgage Rates Tick Down as Markets Digest Incoming Data

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July 11, 2024
Following June’s jobs report, which showed a cooling labor market, the 10-year Treasury yield decreased this week and mortgage rates followed suit. There is also more inventory on the market, including a fair number of listings with price cuts, which is an encouraging sign for prospective buyers.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending June 29, 2024

Nationally, the median down payment was $26,400, or 13.6% of the purchase price, in the first quarter of 2024, according to a recent study from Realtor.com, a slight decrease from the previous quarter, when the median down payment was $30,400 (14.7%). Down payments are up significantly from pre-pandemic levels: in the first quarter of 2020, the typical down payment was approximately $14,000, or 10.7% of the purchase price.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JUNE 29:

  • New Listings increased 8.2% to 1,358
  • Pending Sales decreased 12.0% to 1,061
  • Inventory increased 12.2% to 9,116

FOR THE MONTH OF MAY:

  • Median Sales Price increased 4.1% to $385,000
  • Days on Market increased 7.9% to 41
  • Percent of Original List Price Received decreased 1.1% to 100.0%
  • Months Supply of Homes For Sale increased 26.3% to 2.4

All comparisons are to 2023

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

Mortgage Rates Increase

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July 3, 2024
Mortgage rates increased this week, coming in just under seven percent. Both new home and pending home sales are down, causing active listings to rise. We are still expecting rates to moderately decrease in the second half of the year and given additional inventory, price growth should temper, boding well for interested homebuyers.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending June 22, 2024

The number of homes for sale continues to increase nationwide, with Realtor.com reporting there were 35.2% more homes for sale on a typical day in May compared to the same time last year, marking the seventh consecutive month of annual inventory growth. In fact, from January through May, inventory was at its highest level since 2020, although it is still down considerably from normal 2017 – 2019 levels.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JUNE 22:

  • New Listings decreased 1.0% to 1,523
  • Pending Sales decreased 3.7% to 1,077
  • Inventory increased 12.1% to 9,063

FOR THE MONTH OF MAY:

  • Median Sales Price increased 4.1% to $385,000
  • Days on Market increased 7.1% to 41
  • Percent of Original List Price Received decreased 1.1% to 100.0%
  • Months Supply of Homes For Sale increased 21.1% to 2.3

All comparisons are to 2023

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