For Week Ending May 8, 2021

The Mortgage Bankers Association’s latest National Delinquency Survey found the seasonally adjusted delinquency rate of one-to-four unit residential properties decreased to 6.38 percent of all loans outstanding in Q1 2021, which is 35 basis points lower than Q4 2020 but still 202 basis points higher than the same time last year. The COVID-19 induced delinquency rate peaked in Q2 2020 at 8.22 percent and over the last three quarters has experienced the quickest decline in the history of the survey. Although delinquencies remain elevated, the continued declines are encouraging and are expected to continue.

In the Twin Cities region, for the week ending May 8:

• New Listings increased 0.7% to 1,829
• Pending Sales increased 24.5% to 1,571
• Inventory decreased 47.0% to 5,524

For the month of April:

• Median Sales Price increased 10.5% to $337,000
• Days on Market decreased 34.0% to 31
• Percent of Original List Price Received increased 3.5% to 103.4%
• Months Supply of Homes For Sale decreased 52.4% to 1.0

All comparisons are to 2020

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

For Week Ending May 1, 2021

The National Association of Home Builders’ latest Housing Trends Report found that in Q1 2021, 16% of American adults were looking to purchase a home in the next 12 months, up from 10% from a year ago and now at the highest level since Q1 2018. The Millennial generation saw the largest change in expectations year over year, with 32% planning to buy in the next 12 months, double the levels seen in Q1 2020.

In the Twin Cities region, for the week ending May 1:

• New Listings increased 10.8% to 1,730
• Pending Sales increased 25.5% to 1,534
• Inventory decreased 47.8% to 5,406

For the month of March:

• Median Sales Price increased 10.5% to $328,231
• Days on Market decreased 36.1% to 39
• Percent of Original List Price Received increased 2.7% to 101.9%
• Months Supply of Homes For Sale decreased 47.4% to 1.0

All comparisons are to 2020

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

For Week Ending April 24, 2021

A bit of good news this week on the home affordability front as the 30-year fixed-rate mortgage slipped below 3 percent to 2.97%, according to Freddie Mac. The benchmark 30-year fixed-rate mortgage rate, while still higher than a few months ago, remains more than one third of a percent less than the same time last year. The slight pullback in rates may be short lived, however, as Nadia Evangelou, senior economist for the National Association of REALTORS®, still expects rates to rise in the coming months.

In the Twin Cities region, for the week ending April 24:

• New Listings increased 14.5% to 1,687
• Pending Sales increased 38.4% to 1,509
• Inventory decreased 47.5% to 5,337

For the month of March:

• Median Sales Price increased 10.4% to $328,000
• Days on Market decreased 36.1% to 39
• Percent of Original List Price Received increased 2.7% to 101.9%
• Months Supply of Homes For Sale decreased 47.4% to 1.0

All comparisons are to 2020

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

For Week Ending April 17, 2021

A new analysis by housing giant Freddie Mac suggests that the U.S. housing market needs 3.8 million more single-family homes nationwide to meet demand. Sam Khater, Freddie Mac’s chief economist, noted “we should have almost four million more housing units if we had kept up with demand the last few years.” While new construction activity has increased in recent years, it has never fully recovered to its previous peak more than fifteen years ago.

In the Twin Cities region, for the week ending April 17:

• New Listings increased 19.0% to 1,582
• Pending Sales increased 45.3% to 1,481
• Inventory decreased 47.6% to 5,276

For the month of March:

• Median Sales Price increased 10.4% to $328,000
• Days on Market decreased 36.1% to 39
• Percent of Original List Price Received increased 2.7% to 101.9%
• Months Supply of Homes For Sale decreased 55.0% to 0.9

All comparisons are to 2020

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

For Week Ending April 10, 2021

Home prices are not the only rising cost for prospective homebuyers. ATTOM Data Solutions’ latest property tax analysis of nearly 87 million single-family homes in the U.S. found the average property tax bill rose 4.4 percent from 2019 to 2020, to an average of $3,719 for a single-family home. Nationwide, the average effective tax rate was 1.1% of the property’s value in 2020, down slightly from 1.14% in 2019.

In the Twin Cities region, for the week ending April 10:

• New Listings increased 27.1% to 1,658
• Pending Sales increased 20.8% to 1,249
• Inventory decreased 49.3% to 5,086

For the month of March:

• Median Sales Price increased 10.4% to $328,000
• Days on Market decreased 36.1% to 39
• Percent of Original List Price Received increased 2.7% to 101.9%
• Months Supply of Homes For Sale decreased 52.6% to 0.9

All comparisons are to 2020

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