Metro Homes Market

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Weekly Market Report

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For Week Ending September 21, 2024

Nationally, inventory was up 35.8% year-over-year in August, according to Realtor.com’s latest Monthly Housing Market Trends Report, with active listings now at the highest level since May 2020. As the number of homes for sale continues to grow in many areas, some agents are reporting that list prices are softening, homes are spending more time on market, and price reductions are becoming more common compared to the same period last year.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING SEPTEMBER 21:

  • New Listings increased 11.9% to 1,435
  • Pending Sales decreased 1.5% to 879
  • Inventory increased 11.4% to 10,180

FOR THE MONTH OF AUGUST:

  • Median Sales Price increased 2.1% to $388,000
  • 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.

The 30-Year Fixed-Rate Mortgage Reaches Lowest Level in Two Years

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September 26, 2024
Although this week’s decline was slight, the 30-year fixed-rate mortgage trended down to its lowest level in two years. Given the downward trajectory of rates, refinance activity continues to pick up, creating opportunities for many homeowners to trim their monthly mortgage payment. Meanwhile, many looking to purchase a home are playing the waiting game to see if rates decrease further as additional economic data is released over the next several weeks.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending September 14, 2024

Mortgage activity surged the week ending September 13, 2024, as falling interest rates boost borrower demand nationwide. The Mortgage Bankers Association reports mortgage loan application volume increased 14.2% on a seasonally adjusted basis from the previous week, with purchase applications up 5%, while refinance applications jumped 24% from one week earlier.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING SEPTEMBER 14:

  • New Listings decreased 0.6% to 1,433
  • Pending Sales decreased 5.1% to 856
  • Inventory increased 11.4% to 10,002

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.

Mortgage Rates Continue to Tumble

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September 19, 2024

Mortgage rates continued declining towards the six percent mark, reviving purchase and refinance demand for many consumers. While mortgage rates do not directly follow moves by the Federal Reserve, this first cut in over four years will have an impact on the housing market. Declining mortgage rates over the last several weeks indicate this cut was mostly baked in, but rates will likely fall further, sparking more housing activity.

Information provided by Freddie Mac.