Ted Bergstrom

For Week Ending August 1, 2020

While the Bureau of Economic Analysis reported this week that the US economy contracted at a 32.9% annual rate in Q2 2020, the housing market continues to show strength. Freddie Mac reported 30-year fixed-rate mortgages are hovering around 3% with .8 points, which is three-quarters of a percent lower than this time last year. With showing activity and pending sales still posting strong numbers, the housing market looks to continue to be a bright spot in economic activity.

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

• New Listings decreased 12.1% to 1,774
• Pending Sales increased 9.0% to 1,563
• Inventory decreased 28.2% to 9,332

For the month of June:

• Median Sales Price increased 5.2% to $305,000
• Days on Market increased 2.4% to 42
• Percent of Original List Price Received decreased 0.4% to 99.6%
• Months Supply of Homes For Sale decreased 25.9% to 2.0

All comparisons are to 2019

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

For Week Ending July 25, 2020

The Mortgage Bankers Association reported that their Purchase Index of mortgage applications was 19 percent higher than the same week one year ago. Continued high levels of home purchase mortgage applications suggests that home buyer interest and activity will remain strong in the coming weeks.

In the Twin Cities region, for the week ending July 25:

• New Listings increased 0.7% to 1,777
• Pending Sales increased 8.8% to 1,499
• Inventory decreased 28.7% to 9,303

For the month of June:

• Median Sales Price increased 5.2% to $305,000
• Days on Market increased 2.4% to 42
• Percent of Original List Price Received decreased 0.4% to 99.6%
• Months Supply of Homes For Sale decreased 25.9% to 2.0

All comparisons are to 2019

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

For Week Ending July 18, 2020

The latest figures released by the Department of Commerce show total housing starts in June rose 17.3% to a seasonally adjusted annual rate of 1.19 million units, with single-family units leading the way with a 17.2% increase to a seasonally adjusted rate of 831,000 per year. With demand for housing strong across most of the nation, this increase in new construction is welcome, but will do little to significantly impact the lack of housing inventory nationwide.

In the Twin Cities region, for the week ending July 18:

• New Listings decreased 9.1% to 1,753
• Pending Sales increased 10.2% to 1,541
• Inventory decreased 27.2% to 9,339

For the month of June:

• Median Sales Price increased 5.2% to $304,995
• Days on Market increased 2.4% to 42
• Percent of Original List Price Received decreased 0.4% to 99.6%
• Months Supply of Homes For Sale decreased 29.6% to 1.9

All comparisons are to 2019

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

For Week Ending July 11, 2020

Mortgage rates continue to hit new lows. This week, mortgage giant Freddie Mac reported that rates on a 30-year fixed-rate mortgage fell to a new record low of 3.03% with an average of .8 points. That is down from 3.07% last week and 3.75% from the same week a year ago. Record-low rates are continuing to boost already strong buyer demand throughout most of the country and economists expect rates to continue to remain low in the near future.

In the Twin Cities region, for the week ending July 11:

• New Listings decreased 18.8% to 1,834
• Pending Sales decreased 0.5% to 1,507
• Inventory decreased 25.9% to 9,287

For the month of June:

• Median Sales Price increased 5.2% to $305,000
• Days on Market increased 2.4% to 42
• Percent of Original List Price Received decreased 0.4% to 99.6%
• Months Supply of Homes For Sale decreased 29.6% to 1.9

All comparisons are to 2019

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

For Week Ending July 4, 2020

With healthy buyer demand and constrained supply, showing and offer activity continue to be high with many properties receiving multiple offers. Holiday weeks often provide a short reprieve from the normal busy summer selling season as buyers and sellers take a few days to focus on festivities before turning their focus back to real estate the following week.

In the Twin Cities region, for the week ending July 4:

• New Listings increased 20.4% to 1,257
• Pending Sales increased 17.9% to 1,466
• Inventory decreased 25.3% to 9,624

For the month of May:

• Median Sales Price increased 3.5% to $294,900
• Days on Market decreased 8.9% to 41
• Percent of Original List Price Received decreased 0.4% to 99.6%
• Months Supply of Homes For Sale decreased 16.0% to 2.1

All comparisons are to 2019

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

For Week Ending June 27, 2020

The National Association of REALTORS® shared in their latest REALTORS® Confidence Index Survey of more than 4,000 members that there were nearly three offers for every home sold in May, which is up from a little more than two offers for every sold home in the April survey. Buyer activity, seen in both showings and Pending Sales, has been strong while seller activity, seen in New Listings, has lagged a bit, suggesting that multiple offer situations continue to be common and will likely remain so in the coming weeks.

In the Twin Cities region, for the week ending June 27:

• New Listings decreased 16.9% to 1,612
• Pending Sales increased 3.1% to 1,606
• Inventory decreased 25.0% to 9,705

For the month of May:

• Median Sales Price increased 3.5% to $294,900
• Days on Market decreased 8.9% to 41
• Percent of Original List Price Received decreased 0.4% to 99.6%
• Months Supply of Homes For Sale decreased 16.0% to 2.1

All comparisons are to 2019

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

For Week Ending June 20, 2020

Housing starts in May rose 4.3% to an annual rate of 974,000, its first increase since January and up from a five-year low of 934,000 in April. The increase was less than expected by economists but builder permits were up 14.4% for the month to 1.22 million annually, signaling higher housing starts are likely in the near future.

In the Twin Cities region, for the week ending June 20:

• New Listings decreased 16.4% to 1,728
• Pending Sales increased 3.4% to 1,594
• Inventory decreased 22.8% to 9,871

For the month of May:

• Median Sales Price increased 3.5% to $294,900
• Days on Market decreased 8.9% to 41
• Percent of Original List Price Received decreased 0.4% to 99.6%
• Months Supply of Homes For Sale decreased 16.0% to 2.1

All comparisons are to 2019

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

For Week Ending June 13, 2020

New unemployment insurance weekly claims declined again this week, coming in at a little over 1.5 million claims. This is down substantially from more than 6 million claims posted per week in late March and early April but still higher than pre-COVID- 19 levels. Nearly 21 million Americans remain unemployed, up from just 1.7 million a year ago. As businesses continue to reopen, new unemployment claims and total unemployed is expected to decline in the coming weeks.

In the Twin Cities region, for the week ending June 13:

• New Listings decreased 22.0% to 1,648
• Pending Sales decreased 8.5% to 1,414
• Inventory decreased 20.7% to 9,901

For the month of May:

• Median Sales Price increased 3.3% to $294,375
• Days on Market decreased 8.9% to 41
• Percent of Original List Price Received decreased 0.4% to 99.6%
• Months Supply of Homes For Sale decreased 16.0% to 2.1

All comparisons are to 2019

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

For Week Ending June 6, 2020

Continued low mortgage rates have boosted mortgage applications from prospective home buyers. The Mortgage Bankers Association reported that mortgage applications to purchase a home rose 5% last week, which is 18% higher than applications a year ago. Mortgage applications were down as much as 35% from a year prior just six weeks ago, showing an incredible rebound from the impact of COVID-19.

In the Twin Cities region, for the week ending June 6:

• New Listings decreased 25.0% to 1,674
• Pending Sales decreased 5.6% to 1,418
• Inventory decreased 18.0% to 9,869

For the month of May:

• Median Sales Price increased 3.2% to $294,250
• Days on Market decreased 8.9% to 41
• Percent of Original List Price Received decreased 0.4% to 99.6%
• Months Supply of Homes For Sale decreased 20.0% to 2.0

All comparisons are to 2019

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

For Week Ending May 30, 2020

Buyer activity continues to improve as states and localities slowly open up. ShowingTime is reporting that nationally, showing activity has been climbing since mid-April and is now at or above the same time last year. This increase in buyer showings predicts continued improvement in pending and closed sales numbers in the weeks to come.

In the Twin Cities region, for the week ending May 30:

• New Listings decreased 27.8% to 1,406
• Pending Sales decreased 10.7% to 1,246
• Inventory decreased 16.4% to 9,935

For the month of April:

• Median Sales Price increased 8.9% to $305,000
• Days on Market decreased 17.5% to 47
• Percent of Original List Price Received increased 0.5% to 99.9%
• Months Supply of Homes For Sale decreased 9.1% to 2.0

All comparisons are to 2019

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