New Listings and Pending Sales
Archives for January 2024
Inventory
Weekly Market Report
For Week Ending January 20, 2024
There were 4.9% more homes for sale on the typical day in December compared to the same period in 2022, according to Realtor.com’s December 2023 Monthly Housing Market Trends Report, marking the second consecutive month of annual inventory growth. The number of newly listed homes was also up, rising 9.1% annually, while the total number of unsold homes, including pending listings, was up 3.6% compared to last year.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 20:
- New Listings increased 13.8% to 823
- Pending Sales decreased 4.9% to 619
- Inventory decreased 2.3% to 6,478
FOR THE MONTH OF DECEMBER:
- Median Sales Price increased 1.3% to $353,700
- Days on Market remained flat at 50
- Percent of Original List Price Received increased 0.4% to 96.7%
- Months Supply of Homes For Sale increased 13.3% to 1.7
All comparisons are to 2023
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
December Monthly Skinny Video
Mortgage Rates Inch Up but Remain in the Mid-Six Percent Range
January 25, 2024
The 30-year fixed-rate has remained within a very narrow range over the last month, settling in at 6.69% this week. Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market. Despite persistent inventory challenges, we anticipate a busier spring homebuying season than 2023, with home prices continuing to increase at a steady pace.
Information provided by Freddie Mac.
Existing Home Sales
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending January 13, 2024
Fannie Mae’s Home Purchase Sentiment Index (HPSI) climbed nearly three points to 67.2 in December and was up 6.2 points year-over-year, according to the latest National Housing Survey®. The rise was attributed to increasing consumer optimism about mortgage rates, with a survey-high 31% of respondents indicating they expect mortgage rates will decline over the next 12 months. Homeowners, in particular, had greater optimism about the future of mortgage rates than renters, which could encourage some would-be sellers to list their homes this year, helping to increase the supply of existing homes for sale.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 13:
- New Listings increased 14.5% to 900
- Pending Sales increased 2.6% to 560
- Inventory decreased 4.2% to 6,397
FOR THE MONTH OF DECEMBER:
- Median Sales Price increased 1.3% to $353,700
- Days on Market remained flat at 50
- Percent of Original List Price Received increased 0.4% to 96.7%
- Months Supply of Homes For Sale increased 13.3% to 1.7
All comparisons are to 2023
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Mortgage Rates Decrease to Lowest Level Since May of 2023
January 18, 2024
Mortgage rates decreased this week, reaching their lowest level since May of 2023. This is an encouraging development for the housing market and in particular first-time homebuyers who are sensitive to changes in housing affordability. However, as purchase demand continues to thaw, it will put more pressure on already depleted inventory for sale.
Information provided by Freddie Mac.
