August 31, 2023
Mortgage rates leveled off this week but remain elevated. Despite continued high rates, low inventory is keeping house prices steady. Recent volatility makes it difficult to forecast where rates will go next, but it might be easier to gauge as the Federal Reserve determines their next steps regarding interest rate hikes in September.
Information provided by Freddie Mac.
For Week Ending August 19, 2023
International buyers of U.S. homes purchased 14.2% fewer homes from April 2022 to March 2023 compared to the same 12-month period a year before, according to the latest data from the National Association of REALTORS® (NAR). Foreign buyers purchased 84,600 homes, marking the fewest number of properties purchased annually by foreign buyers since 2009, when NAR began tracking this data. Although sales were down, home prices have continued to rise, with the median existing-home sales price among international buyers hitting $396,400, the highest ever recorded by NAR.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 19:
FOR THE MONTH OF JULY:
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
August 24, 2023
This week, the 30-year fixed-rate mortgage reached its highest level since 2001 and indications of ongoing economic strength will likely continue to keep upward pressure on rates in the short-term. As rates remain high and supply of unsold homes woefully low, incoming data shows that existing homes sales continue to fall. However, there are slightly more new homes available, and sales of these new homes continue to rise, helping provide modest relief to the unyielding housing inventory predicament.
Information provided by Freddie Mac.
For Week Ending August 12, 2023
Seller profit margins are up nationwide following three quarterly declines, according to ATTOM’s Q2 2023 U.S. Home Sales Report. Typical profit margins on medianpriced single-family and condo sales climbed to 47.7% in the second quarter of 2023, up from 43.9% the previous quarter, representing the first increase in a year. The rise in profit margins was boosted by recent growth in median single-family home and condo prices, which increased in more than 90% of the country in Q2, according to the report.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 12:
FOR THE MONTH OF JULY:
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
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All information deemed reliable but not guaranteed and should be independently verified.