Ted Bergstrom

MN Real Estate Team



Weekly Market Report

For Week Ending September 12, 2020

The Mortgage Bankers Association (MBA) Mortgage Credit Availability Index (MCAI) in August fell by 4.7 percent to 120.9. A decline in the MCAI indicates that lending standards are tightening, and this latest drop finds the index at its lowest point since March 2014. Tightening lending standards often includes a reduction in loan programs with low credit scores, high loan-to-value ratios, and reduced borrower documentation requirements. So while mortgage rates continue to remain near all-time lows, qualifying for a mortgage is becoming a little more difficult for some borrowers.

In the Twin Cities region, for the week ending September 12:

  • New Listings decreased 3.8% to 1,783
  • Pending Sales increased 13.5% to 1,384
  • Inventory decreased 31.5% to 8,928

For the month of August:

  • Median Sales Price increased 9.8% to $315,000
  • Days on Market decreased 4.9% to 39
  • Percent of Original List Price Received increased 1.3% to 100.3%
  • Months Supply of Homes For Sale decreased 30.8% to 1.8

All comparisons are to 2019

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