For Week Ending November 16, 2019
In the Federal Housing Administration’s 2019 Annual Report to Congress, the FHA announced their Mutual Mortgage Insurance Fund Capital Ratio stood at 4.84%, up from 2.76% last year and well above the 2% minimum required by Congress. This has prompted the National Association of REALTORS® to advocate for a reduction in FHA insurance premiums and eliminating the life-of-loan mortgage insurance requirement. While the FHA has not committed to any changes at this time, there is optimism for change in the future as the reserves continue to increase. With FHA loan market share at 11.4% in the 2019 report, any reduction in mortgage insurance costs would positively affect a large number of future borrowers.
In the Twin Cities region, for the week ending November 16:
- New Listings increased 6.2% to 1,028
- Pending Sales increased 6.3% to 999
- Inventory decreased 6.1% to 11,147
For the month of October:
- Median Sales Price increased 5.7% to $280,000
- Days on Market decreased 4.2% to 46
- Percent of Original List Price Received increased 0.1% to 98.1%
- Months Supply of Homes For Sale decreased 4.0% to 2.4
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.