Lauren Novak

For Week Ending September 28, 2019

The Commerce Department reported sales of newly built homes nationwide have surged 18% compared to a year ago and housing starts and building permits reached a 12-year high in August. This surge in both sales and new construction shows strong market confidence by both buyers and builders. However, further increases in new construction starts are still required to meet demand and bring more balance.

In the Twin Cities region, for the week ending September 28:

• New Listings decreased 3.3% to 1,546
• Pending Sales decreased 3.0% to 1,112
• Inventory decreased 3.6% to 12,716

For the month of August:

• Median Sales Price increased 7.0% to $286,875
• Days on Market increased 2.5% to 41
• Percent of Original List Price Received decreased 0.2% to 99.0%
• Months Supply of Homes For Sale remained flat at 2.6

All comparisons are to 2018

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

For Week Ending September 21, 2019

This week the National Association of REALTORS® reported that nationally, August existing-home sales rose 2.6% from a year ago. Additionally, the Federal Reserve announced a rate cut for the second time in seven weeks, though this was widely expected and largely factored into mortgage rates already. A strong economy along with mortgage rates near their lows for the year continue to support healthy housing demand.

In the Twin Cities region, for the week ending September 21:

• New Listings increased 7.6% to 1,676
• Pending Sales decreased 2.4% to 1,158
• Inventory decreased 4.4% to 12,628

For the month of August:

• Median Sales Price increased 6.9% to $286,500
• Days on Market increased 2.5% to 41
• Percent of Original List Price Received decreased 0.2% to 99.0%
• Months Supply of Homes For Sale remained flat at 2.6

All comparisons are to 2018

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

For Week Ending September 14, 2019

With kids back in school and the weather beginning to cool, the housing market begins its annual cooldown as well. With buyer and seller activity remaining strong, it will be at a little more relaxed pace than during the late spring and summer. While Halloween decorations may be adorning stores and soon adorn the stoops of homes around the country, the real estate market this fall is looking far from scary.

In the Twin Cities region, for the week ending September 14:

• New Listings decreased 1.3% to 1,820
• Pending Sales decreased 7.8% to 1,144
• Inventory decreased 4.8% to 12,423

For the month of August:

• Median Sales Price increased 6.7% to $286,000
• Days on Market increased 2.5% to 41
• Percent of Original List Price Received decreased 0.2% to 99.0%
• Months Supply of Homes For Sale decreased 3.8% to 2.5

All comparisons are to 2018

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

For Week Ending September 7, 2019

The White House has released a plan to broadly overhaul the housing finance system, including the re-privatization of Fannie Mae and Freddie Mac and reforms to federal agencies involved with financing substantial portions of the mortgages made every year. These changes will affect the cost and availability of loans in the future. Many recommendations will require legislative approval, so it is unclear at this time how much of the plan may eventually be implemented and its ultimate impact on the housing market.

In the Twin Cities region, for the week ending September 7:

• New Listings decreased 3.8% to 1,691
• Pending Sales increased 5.3% to 1,113
• Inventory decreased 4.5% to 12,224

For the month of August:

• Median Sales Price increased 6.7% to $286,000
• Days on Market increased 2.5% to 41
• Percent of Original List Price Received decreased 0.2% to 99.0%
• Months Supply of Homes For Sale decreased 3.8% to 2.5

All comparisons are to 2018

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