In the last month, mortgage rates have fallen to their lowest monthly average in more than three years, and now Fannie Mae is predicting that continued low rates, and possibly lower rates, are expected in 2020. These historically low mortgage rates have and will continue to support buyer demand and may create additional lift to home prices as lower financing costs give buyers the ability to offer more to secure their dream home.
In the Twin Cities region, for the week ending October 12:
- New Listings increased 7.3% to 1,496
- Pending Sales decreased 5.9% to 1,036
- Inventory decreased 4.4% to 12,457
For the month of September:
- Median Sales Price increased 6.5% to $279,000
- Days on Market increased 2.4% to 43
- Percent of Original List Price Received increased 0.1% to 98.5%
- Months Supply of Homes For Sale decreased 3.7% to 2.6
All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.