For Week Ending November 14, 2020
The Mortgage Bankers Association reported this week that mortgage credit availability increased in October, the first increase since July. Increasing credit availability means that lending standards are loosening, albeit slightly. Overall, credit availability increased for low credit scores and higher LTV loans, with convention credit supply increasing 5.1 percent, while government credit supply was effectively flat. Although the October increase was welcome news, credit availability remains near lows last seen in 2014.
In the Twin Cities region, for the week ending November 14:
- New Listings decreased 6.3% to 981
- Pending Sales increased 4.8% to 1,096
- Inventory decreased 32.3% to 8,004
For the month of October:
- Median Sales Price increased 12.5% to $315,000
- Days on Market decreased 23.9% to 35
- Percent of Original List Price Received increased 2.4% to 100.5%
- Months Supply of Homes For Sale decreased 36.0% to 1.6
All comparisons are to 2019
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.