Ted Bergstrom

MN Real Estate Team

612.723.5444

Ted@TedBergstrom.com

Weekly Market Report

For Week Ending March 9, 2024

Mortgage rates fell for the first time in five weeks, as the average 30-year fixed rate mortgage slid 0.06 percentage points to 6.88% the week ending March 7, 2024, according to Freddie Mac. The decline in rates helped mortgage applications increase 7.1% on a seasonally adjusted basis from the previous week, according to the Mortgage Bankers Association, while applications to purchase a home were up 5% from the previous week.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 9:

  • New Listings increased 24.9% to 1,313
  • Pending Sales increased 11.6% to 898
  • Inventory increased 11.9% to 6,793

FOR THE MONTH OF FEBRUARY:

  • Median Sales Price increased 4.6% to $358,000
  • Days on Market decreased 3.3% to 59
  • Percent of Original List Price Received increased 0.3% to 97.5%
  • Months Supply of Homes For Sale increased 28.6% to 1.8

All comparisons are to 2023

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

Mortgage Rates Continue to Decrease

March 14, 2024
The 30-year fixed-rate mortgage decreased again this week, with declines totaling almost a quarter of a percent in two weeks’ time. Despite the recent dip, mortgage rates remain high as the market contends with the pressure of sticky inflation. In this environment, there is a good possibility that rates will stay higher for a longer period of time.

Information provided by Freddie Mac.

Weekly Market Report

For Week Ending March 2, 2024

The limited supply of existing-home inventory nationwide continues to benefit the new-home market, with applications for new home purchases up 38% month-over-month and 19.1% year-over-year in January, according to the Mortgage Bankers Association Builder Application Survey. The latest reading marks the 12th consecutive annual increase and is the strongest non-seasonally adjusted reading for the month in the survey’s history.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 2:

  • New Listings increased 2.5% to 1,198
  • Pending Sales increased 10.0% to 845
  • Inventory increased 11.7% to 6,686

FOR THE MONTH OF JANUARY:

  • Median Sales Price increased 3.2% to $353,035
  • Days on Market decreased 8.2% to 56
  • Percent of Original List Price Received increased 0.6% to 96.6%
  • Months Supply of Homes For Sale increased 28.6% to 1.8

All comparisons are to 2023

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

Mortgage Rates Dip Down

March 7, 2024
Evidence that purchase demand remains sensitive to interest rate changes was on display this week, as applications rose for the first time in six weeks in response to lower rates. Mortgage rates continue to be one of the biggest hurdles for potential homebuyers looking to enter the market. It’s important to remember that rates can vary widely between mortgage lenders so shopping around is essential.

Information provided by Freddie Mac.

Weekly Market Report

For Week Ending February 24, 2024

U.S. housing starts fell 14.8% month-over-month in January to a seasonally adjusted annual rate of 1,331,000 units, according to data from the U.S. Census Bureau. Single-family starts dropped 4.7% from the previous month, while multi-family starts declined 35.8%. Although construction was down for the month, builder sentiment continues to improve, rising to the highest level since August 2023, according to the National Association of Home Builders (NAHB) / Wells Fargo Housing Market Index (HMI).

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 24:

  • New Listings increased 48.6% to 1,138
  • Pending Sales increased 7.0% to 799
  • Inventory increased 5.7% to 6,537

FOR THE MONTH OF JANUARY:

  • Median Sales Price increased 3.1% to $352,500
  • Days on Market decreased 8.2% to 56
  • Percent of Original List Price Received increased 0.7% to 96.7%
  • Months Supply of Homes For Sale increased 28.6% to 1.8

All comparisons are to 2023

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