332 2nd Street - Excelsior, MN 55331

Office #: (952) 474-0894

332 2nd Street - Excelsior, MN 55331

Office #: (952) 474-0894

Direct #: (612) 701-7404

Archives for December 2019

Mortgage Rates Hold Steady

December 5, 2019
This week the economy sent mixed signals, leaving mortgage rates unchanged. Survey data for manufacturing and service industries varied while construction spending fell modestly. However, homebuyer demand continued to improve, rising eight percent. Clearly homebuyers remain bullish on the real estate market.

Information provided by Freddie Mac.

Weekly Market Report

For Week Ending November 23, 2019

Residential new construction activity continues to rise nationally. The U.S. Commerce Department reports that new housing permits rose 5% in October to a new 12-year high of 1.46 million units. Lawrence Yun, the National Association of REALTORS® chief economist, called the latest figures “tremendously good news for the housing sector.” With builder sentiment and buyer activity remaining strong, it is widely expected that new construction will continue to remain brisk in the coming months.

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

  • New Listings increased 74.1% to 928
  • Pending Sales increased 39.8% to 966
  • Inventory decreased 6.6% to 10,724

For the month of October:

  • Median Sales Price increased 5.7% to $280,000
  • Days on Market decreased 4.2% to 46
  • Percent of Original List Price Received increased 0.1% to 98.1%
  • Months Supply of Homes For Sale decreased 4.0% to 2.4

All comparisons are to 2018

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