Ted Bergstrom

For Week Ending March 13, 2021

Freddie Mac reported that cash-out refinancing activity surged 42% in 2020 compared to 2019, as homeowners cashed out $152.7 billion in home equity, the highest level since 2007. Low interest rates and strong appreciation in recent years proved attractive to cash-out refinance borrowers, who, on average, withdrew $50,000 in equity.

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

• New Listings decreased 22.0% to 1,391
• Pending Sales increased 4.8% to 1,252
• Inventory decreased 46.5% to 4,857

For the month of February:

• Median Sales Price increased 11.5% to $314,000
• Days on Market decreased 31.3% to 46
• Percent of Original List Price Received increased 2.1% to 100.1%
• Months Supply of Homes For Sale decreased 47.1% to 0.9

All comparisons are to 2020

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

For Week Ending March 6, 2021

With the spring market well underway, buyer activity remains very robust and hot properties continue to frequently encounter bidding wars. While mortgage rates have ticked up over 3% for the first time since last July, the incremental increase is unlikely to have a substantial effect on buyer demand.

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

• New Listings decreased 21.8% to 1,433
• Pending Sales decreased 1.7% to 1,130
• Inventory decreased 44.6% to 4,818

For the month of February:

• Median Sales Price increased 11.5% to $314,000
• Days on Market decreased 31.3% to 46
• Percent of Original List Price Received increased 2.1% to 100.1%
• Months Supply of Homes For Sale decreased 47.1% to 0.9

All comparisons are to 2020

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

For Week Ending February 27, 2021

Home prices continue to rise at a fast pace nationally, with the median sales price of existing homes up 14.1% in January 2021 from the same time last year. Sales were also up, with January’s seasonally-adjusted annual existing home sales climbing 23.7% from the year before. Low supply of homes for sale continues to be an issue as “sales easily could have been even 20% higher if there had been more inventory and more choices,” according to NAR chief economist Lawrence Yun.

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

• New Listings decreased 15.8% to 1,211
• Pending Sales increased 4.0% to 1,104
• Inventory decreased 43.4% to 4,783

For the month of January:

• Median Sales Price increased 11.1% to $300,000
• Days on Market decreased 37.3% to 42
• Percent of Original List Price Received increased 2.6% to 99.5%
• Months Supply of Homes For Sale decreased 47.1% to 0.9

All comparisons are to 2020

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

For Week Ending February 20, 2021

Freddie Mac reported this week the average 30-year fixed-rate mortgage interest rate rose to 2.81%, its highest point since mid-November, but still far lower than the 3.49% average from the same time last year. Interest rates may rise further in coming weeks, but according to Freddie Mac chief economist Sam Khater, “while there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percent range for the year.”

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

• New Listings decreased 21.1% to 1,032
• Pending Sales decreased 4.6% to 1,026
• Inventory decreased 41.7% to 4,884

For the month of January:

• Median Sales Price increased 11.5% to $301,000
• Days on Market decreased 37.3% to 42
• Percent of Original List Price Received increased 2.6% to 99.5%
• Months Supply of Homes For Sale decreased 47.1% to 0.9

All comparisons are to 2020

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

For Week Ending February 13, 2021

The Mortgage Bankers Association’s most recent National Delinquency Survey reported that the delinquency rate for mortgage loans on one-to-four unit residential properties declined to a seasonally adjusted rate of 6.73 percent of all loans outstanding in Q4 2020. The percent of loans delinquent was down nearly one percent from Q3 2020, but still up nearly three percent from one year ago.

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

• New Listings decreased 6.6% to 1,120
• Pending Sales decreased 3.6% to 981
• Inventory decreased 42.3% to 4,833

For the month of December:

• Median Sales Price increased 11.5% to $301,000
• Days on Market decreased 37.3% to 42
• Percent of Original List Price Received increased 2.6% to 99.5%
• Months Supply of Homes For Sale decreased 47.1% to 0.9

All comparisons are to 2020

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

For Week Ending February 6, 2021

Popular home services marketplace HomeAdvisor released their State of Home Spending Report, which details trends in homeowner improvement projects. Among survey participants, the total spending on home projects rose from an average of $9,078 in 2019, to an average of $13,138 in 2020. The more than $4,000 increase in average expenditure was likely due to an increase in the amount of work completed as well as the increased supply and labor costs due to COVID-19.

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

• New Listings decreased 16.6% to 1,117
• Pending Sales increased 9.9% to 1,068
• Inventory decreased 41.0% to 4,873

For the month of December:

• Median Sales Price increased 11.5% to $301,000
• Days on Market decreased 37.3% to 42
• Percent of Original List Price Received increased 2.6% to 99.5%
• Months Supply of Homes For Sale decreased 47.1% to 0.9

All comparisons are to 2020

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

For Week Ending January 30, 2021

A strong housing market isn’t just a local activity, and two recently released reports provide us with insights to the strength of residential real estate nationally. The S&P CoreLogic Case-Shiller National Home Price NSA Index rose 9.49% in December 2020 from its December 2019 level. Meanwhile, the National Association of REALTORS® existing home sales report found the median price of existing home sales nationwide rose to $309,800 in December 2020, up 12.9% from the year before.

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

• New Listings decreased 2.8% to 976
• Pending Sales decreased 1.8% to 923
• Inventory decreased 40.3% to 4,992

For the month of December:

• Median Sales Price increased 10.0% to $307,000
• Days on Market decreased 30.4% to 39
• Percent of Original List Price Received increased 2.5% to 99.7%
• Months Supply of Homes For Sale decreased 41.2% to 1.0

All comparisons are to 2020

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

For Week Ending January 23, 2021

The U.S. Department of Housing and Urban Development released their December housing report this week showing overall housing starts increased by a seasonally adjusted annual rate of 1.67 million units. Single-family housing starts increased 12 percent to a 1.34 million unit seasonally adjusted annual rate, the highest level since September 2006. Expectations are for further increases in building activity in 2021, though rising material costs and a lack of buildable lots and labor will temper activity and affect affordability.

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

• New Listings decreased 4.6% to 899
• Pending Sales increased 9.1% to 879
• Inventory decreased 40.6% to 5,056

For the month of December:

• Median Sales Price increased 10.0% to $307,000
• Days on Market decreased 30.4% to 39
• Percent of Original List Price Received increased 2.5% to 99.7%
• Months Supply of Homes For Sale decreased 41.2% to 1.0

All comparisons are to 2020

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

For Week Ending January 16, 2021

Mortgage giant Freddie Mac reported this week that rates on a 30-year fixed-rate mortgage averaged 2.79% with .7 points. That is up slightly from the record lows seen last week, but almost one percent lower than the same week a year ago. Rates are expected to increase slightly this year, with the National Association of REALTORS® expecting rates to average 3.1 percent in 2021, and the Mortgage Bankers Association estimating an average of 3.3 percent.

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

• New Listings increased 0.8% to 929
• Pending Sales increased 7.4% to 815
• Inventory decreased 40.2% to 5,125

For the month of December:

• Median Sales Price increased 10.0% to $307,000
• Days on Market decreased 30.4% to 39
• Percent of Original List Price Received increased 2.5% to 99.7%
• Months Supply of Homes For Sale decreased 41.2% to 1.0

All comparisons are to 2020

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

For Week Ending January 9, 2021

The Mortgage Bankers Association’s (MBA) latest Forbearance and Call Volume Survey reported that 5.53% of mortgage loans remained in forbearance as of December 27, 2020. While the forbearance rate is down significantly from its highest levels in 2020, the MBA estimates the current rate represents 2.7 million homeowners currently in forbearance plans.

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

• New Listings decreased 8.3% to 927
• Pending Sales increased 1.3% to 636
• Inventory decreased 39.8% to 5,098

For the month of December:

• Median Sales Price increased 10.0% to $307,000
• Days on Market decreased 30.4% to 39
• Percent of Original List Price Received increased 2.5% to 99.7%
• Months Supply of Homes For Sale decreased 47.1% to 0.9

All comparisons are to 2020

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