Ted Bergstrom

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.

For Week Ending August 31, 2019

Recent mortgage rate declines may provide a small tailwind as we enter the fall housing market, giving buyers a bit more buying power and a little more incentive to lock in a home purchase. However, stock market volatility and concern of a wider economic slowdown in the coming year may temper some buyer enthusiasm. But as rents continue to rise, the value proposition of owning a home remains a compelling option and a goal of most Americans.

In the Twin Cities region, for the week ending August 31:

• New Listings increased 4.9% to 1,359
• Pending Sales decreased 3.1% to 1,250
• Inventory decreased 4.4% to 12,498

For the month of July:

• Median Sales Price increased 5.9% to $283,900
• Days on Market remained flat at 38
• Percent of Original List Price Received decreased 0.1% to 99.7%
• Months Supply of Homes For Sale remained flat at 2.5

All comparisons are to 2018

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

For Week Ending August 24, 2019

Lack of affordable inventory has been a key story in real estate in the last few years. There is a growing consensus suggesting the U.S. economy could be entering a recession, and some wonder whether this could lead to an adjustment in housing prices. However, this scenario is unlikely to make housing more affordable, as economic uncertainty is likely to discourage first-time home buyers and could make construction companies leary of building new homes.

In the Twin Cities region, for the week ending August 24:

• New Listings decreased 1.5% to 1,664
• Pending Sales increased 1.9% to 1,253
• Inventory decreased 3.9% to 12,501

For the month of July:

• Median Sales Price increased 5.8% to $283,420
• Days on Market remained flat at 38
• Percent of Original List Price Received decreased 0.1% to 99.7%
• Months Supply of Homes For Sale remained flat at 2.5

All comparisons are to 2018

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

For Week Ending August 17, 2019

As families across the U.S. enjoy the last few weeks of summer before the start of the school year, it seems that the real estate market is seeing an infusion of new energy that is partially offsetting the expected seasonal slowdown. Further decreases in housing inventory and month’s supply at the national level point to a moderate influx of new buyers, perhaps due to the allure of lower mortgage rates. It remains to be seen whether these trends will be affected by events in the general economy.

In the Twin Cities region, for the week ending August 17:

• New Listings decreased 2.9% to 1,712
• Pending Sales increased 3.9% to 1,316
• Inventory decreased 3.5% to 12,392

For the month of July:

• Median Sales Price increased 5.9% to $283,900
• Days on Market remained flat at 38
• Percent of Original List Price Received decreased 0.1% to 99.7%
• Months Supply of Homes For Sale remained flat at 2.5

All comparisons are to 2018

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

For Week Ending August 10, 2019

As July data roll in, more economists wonder whether we are seeing the signs of an economic slowdown. Yet that would not necessarily imply a slowdown in the housing market. While July’s existing home sales fell below analyst expectations, consumer confidence in housing reached new highs as mortgage rates dropped and more homeowners refinanced their homes. It remains to be seen whether growing confidence and lower rates will help boost home sales.

In the Twin Cities region, for the week ending August 10:

• New Listings decreased 2.1% to 1,794
• Pending Sales increased 3.8% to 1,342
• Inventory decreased 3.0% to 12,339

For the month of July:

• Median Sales Price increased 6.0% to $283,950
• Days on Market remained flat at 38
• Percent of Original List Price Received decreased 0.2% to 99.6%
• Months Supply of Homes For Sale remained flat at 2.5

All comparisons are to 2018

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