For Week Ending August 3, 2024

The average rate on a 30-year mortgage fell to 6.73% the week ending August 1, 2024, the lowest level since early February, according to Freddie Mac. As a result, mortgage applications increased 6.9% on a seasonally adjusted basis from the previous week, boosted by a surge in refinance applications, which jumped 16%, while purchase applications rose 1%, per the Mortgage Bankers Association’s Weekly Applications Survey.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 3:

• New Listings decreased 0.2% to 1,440
• Pending Sales decreased 0.4% to 1,052
• Inventory increased 12.8% to 9,511

FOR THE MONTH OF JUNE:

• Median Sales Price increased 1.8% to $390,000
• Days on Market increased 12.9% to 35
• Percent of Original List Price Received decreased 1.2% to 100.1%
• Months Supply of Homes For Sale increased 19.0% to 2.5

All comparisons are to 2023

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

For Week Ending July 27, 2024

According to ATTOM’s Q2 2024 U.S. Home Affordability Report, median priced single-family homes and condos were less affordable compared to historical averages in 99% of counties nationwide in the second quarter of the year. With sales prices on the rise, major homeownership expenses now require 35.1% of the average national wage, up from 31.9% in the first quarter, and the highest level since 2007.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 27:

• New Listings increased 7.0% to 1,475
• Pending Sales decreased 11.6% to 959
• Inventory increased 11.7% to 9,383

FOR THE MONTH OF JUNE:

• Median Sales Price increased 1.8% to $390,000
• Days on Market increased 12.9% to 35
• Percent of Original List Price Received decreased 1.2% to 100.1%
• Months Supply of Homes For Sale increased 19.0% to 2.5

All comparisons are to 2023

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