Ted Bergstrom

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.

For Week Ending May 23, 2020

Mortgage rates have now been below 3.30 percent for four consecutive weeks, according to the latest update from Freddie Mac. These near-record low rates have been a catalyst for the recovering buyer activity in the housing market while sellers continue to maintain a little more cautious approach.

In the Twin Cities region, for the week ending May 23:

• New Listings decreased 11.7% to 1,668
• Pending Sales decreased 11.0% to 1,453
• Inventory decreased 17.1% to 9,764

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.

For Week Ending May 16, 2020

More than 4.1 million homeowners are now in mortgage forbearance plans, according to the Mortgage Bankers Association’s latest survey. Homeowners affected by COVID-19 with a federally backed home loan can delay mortgage payments for up to a year as part of the CARES Act passed by Congress. While the latest numbers are an increase from last week, it was the smallest increase since March 10th.

In the Twin Cities region, for the week ending May 16:

• New Listings decreased 27.5% to 1,599
• Pending Sales decreased 8.0% to 1,341
• Inventory decreased 13.6% to 9,791

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 13.6% 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 May 9, 2020

This week ATTOM Data Solutions released their Q1 2020 U.S. Home Equity and Underwater Report, showing that just over one in four homeowners have at least 50% equity in their homes. The Mortgage Bankers Association reported that mortgage applications were up again last week, which is further sign of strengthing buyer interest as much of the country sees a gradual softening of stay-at-home orders due to COVID-19.

In the Twin Cities region, for the week ending May 9:

• New Listings decreased 17.3% to 1,727
• Pending Sales decreased 22.6% to 1,232
• Inventory decreased 13.5% to 9,550

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 13.6% 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 May 2, 2020

The Mortgage Bankers Association reported a 12% increase in mortgage applications last week, reversing a trend of falling activity due to the COVID-19 pandemic. While a positive sign of buyer interest and future home buying activity, application volume was still 20% lower than a year ago. Initial unemployment claims came in at a little more than 3.8 million for the week ending April 25th, which continues the decline seen in recent weeks but still significantly higher than pre-pandemic levels.

In the Twin Cities region, for the week ending May 2:

• New Listings decreased 28.6% to 1,476
• Pending Sales decreased 17.8% to 1,149
• Inventory decreased 12.2% to 9,413

For the month of March:

• Median Sales Price increased 8.0% to $297,000
• Days on Market decreased 7.6% to 61
• Percent of Original List Price Received increased 0.6% to 99.2%
• Months Supply of Homes For Sale decreased 10.0% to 1.8

All comparisons are to 2019

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

For Week Ending April 25, 2020

While the initial unemployment insurance claims number was down from last week, claims remain at a high level with over 4.4 million people filing for the first time in the latest Department of Labor report. Weekly initial claims are likely to continue to decrease in coming weeks while still remaining significantly elevated. Mortgage rates have stabilized over the last few weeks at nearly three-quarters of a percent lower than a year ago, while showing activity nationwide has increased 39% in the last two weeks as agents and consumers are adapting to the new environment, including using virtual showings in many cases.

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

• New Listings decreased 30.7% to 1,376
• Pending Sales decreased 24.3% to 1,071
• Inventory decreased 11.1% to 9,161

For the month of March:

• Median Sales Price increased 8.0% to $297,000
• Days on Market decreased 7.6% to 61
• Percent of Original List Price Received increased 0.6% to 99.2%
• Months Supply of Homes For Sale decreased 10.0% to 1.8

All comparisons are to 2019

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

For Week Ending April 18, 2020

The Department of Labor’s initial jobless claims report released April 16th showed 5,245,000 new weekly claims, which is a decrease of nearly 1.4 million from last week. New initial claims are expected to continue to decline but still remain at high levels in the next few weeks. This week the Commerce Department reported new construction building permits were at a seasonally adjusted annual pace of 1.35 million in March, which is 5% higher than last year. However, that is expected to decline in April as the impact of COVID-19 is more fully realized.

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

• New Listings decreased 23.9% to 1,228
• Pending Sales decreased 27.8% to 989
• Inventory decreased 12.0% to 9,025

For the month of March:

• Median Sales Price increased 8.0% to $297,000
• Days on Market decreased 7.6% to 61
• Percent of Original List Price Received increased 0.6% to 99.2%
• Months Supply of Homes For Sale decreased 10.0% to 1.8

All comparisons are to 2019

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

For Week Ending April 11, 2020

This week’s initial jobless claims report from the Department of Labor showed another 6.6 million workers filed last week and revised the prior week’s claims up by 219,000 to nearly 6.9 million. Millions of additional initial jobless claims are likely to be reported in the next few weeks as the full impact of shelter-in-place policies becomes apparent. Meanwhile, Freddie Mac reported that the average 30-year fixed-rate mortgages rate remained flat at 3.33% this week, down from an average of 4.12% a year ago.

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

• New Listings decreased 30.4% to 1,210
• Pending Sales decreased 21.0% to 1,000
• Inventory decreased 11.3% to 8,928

For the month of March:

• Median Sales Price increased 8.0% to $297,000
• Days on Market decreased 9.1% to 60
• Percent of Original List Price Received increased 0.6% to 99.2%
• Months Supply of Homes For Sale decreased 10.0% to 1.8

All comparisons are to 2019

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

For Week Ending April 4, 2020

More than 6.6 million workers filed for unemployment benefits last week according to the latest report by the Labor Department, on top of the 3.3 million that filed for unemployment the week prior. High levels of unemployment filings are expected to continue in the coming weeks as businesses remain shuttered and shelter in place orders have expanded to cover most of the country. The impact of these orders is becoming more apparent in the market activity stats reported here.

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

• New Listings decreased 27.7% to 1,393
• Pending Sales decreased 13.7% to 1,077
• Inventory decreased 7.9% to 8,859

For the month of February:

• Median Sales Price increased 6.2% to $281,570
• Days on Market decreased 2.9% to 67
• Percent of Original List Price Received increased 0.3% to 98.0%
• Months Supply of Homes For Sale decreased 5.6% to 1.7

All comparisons are to 2019

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