For Week Ending November 20, 2021

Consumer credit scores have risen since the beginning of the pandemic, according to FICO CEO William Lansing in a recent interview with MarketWatch. The average score across all segments rose eight points to 716, while consumers with scores below 600 saw a larger average increase, rising from 581 in April 2020 to 601 today. Pandemic-related relief programs and a decrease in consumer spending early in the pandemic are likely contributors to the improvement in scores. Higher credit scores can offer home buyers more loan options as well as lower interest rates, which can increase affordability and purchasing power.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING NOVEMBER 20:

• New Listings decreased 7.9% to 948
• Pending Sales increased 1.2% to 1,154
• Inventory decreased 15.5% to 7,042

FOR THE MONTH OF OCTOBER:

• Median Sales Price increased 7.9% to $340,000
• Days on Market decreased 22.9% to 27
• Percent of Original List Price Received decreased 0.2% to 100.3%
• Months Supply of Homes For Sale decreased 17.6% to 1.4

All comparisons are to 2020

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

For Week Ending November 13, 2021

The Federal Housing Finance Agency may soon increase conforming loan limits, according to the Wall Street Journal, with Fannie Mae and Freddie Mac expected to back mortgage loans close to $1 million dollars in high-cost markets, and loans up to $650K in other markets, beginning in 2022. The final loan limits are expected to be announced November 30th. The projected increases are meant to keep pace with the historic rise of sales prices in the last year. Conforming loans often offer lower interest rates and smaller down payments, making it more affordable and easier for some borrowers to purchase a home.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING NOVEMBER 13:

• New Listings increased 9.3% to 1,100
• Pending Sales increased 2.5% to 1,173
• Inventory decreased 14.3% to 7,466

FOR THE MONTH OF OCTOBER:

• Median Sales Price increased 7.9% to $340,000
• Days on Market decreased 22.9% to 27
• Percent of Original List Price Received decreased 0.2% to 100.3%
• Months Supply of Homes For Sale decreased 17.6% to 1.4

All comparisons are to 2020

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

For Week Ending November 6, 2021

Cash-out refinances are up 33% from October last year, Black Knight reports, as Americans seek to take advantage of low interest rates and double-digit gains in home equity over the pandemic. Driven by soaring home values, U.S. tappable home equity reached 9.1 trillion dollars in October, prompting an increasing number of borrowers to cash out some of their equity for debt consolidation, investment purposes, home improvement projects, and more.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING NOVEMBER 6:

• New Listings decreased 4.2% to 1,217
• Pending Sales decreased 6.0% to 1,178
• Inventory decreased 14.6% to 7,640

FOR THE MONTH OF OCTOBER:

• Median Sales Price increased 7.9% to $340,000
• Days on Market decreased 22.9% to 27
• Percent of Original List Price Received decreased 0.2% to 100.3%
• Months Supply of Homes For Sale decreased 17.6% to 1.4

All comparisons are to 2020

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

For Week Ending October 30, 2021

Millennials are leading the housing boom, accounting for 37% of home purchase over the last year, according to Barron’s. Increasing net worth, household formation, low mortgage rates, and a robust economy are a few of the reasons behind the recent growth of homebuyers in this age segment. With Millennials representing 22% of the U.S. population–and with their peak earning years ahead—experts remain optimistic about this generation’s impact on the housing market.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 30:

• New Listings increased 3.7% to 1,309
• Pending Sales increased 1.2% to 1,345
• Inventory decreased 13.8% to 8,025

FOR THE MONTH OF SEPTEMBER:

• Median Sales Price increased 9.9% to $340,700
• Days on Market decreased 37.8% to 23
• Percent of Original List Price Received increased 0.7% to 101.2%
• Months Supply of Homes For Sale decreased 15.8% to 1.6

All comparisons are to 2020

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

For Week Ending October 23, 2021

Mortgage rates are on the rise, with the 30-year fixed-rate mortgage averaging 3.09% for the week ending October 21, 2021, according to Freddie Mac. Rates have climbed nearly one-third of a percent since early August. Despite increasing rates, which are projected to remain above 3% for the fourth quarter and rise even further next year, economists are expecting the housing market to continue to be active into 2022, thanks in part to strong buyer demand and increases in new listings.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 23:

• New Listings decreased 5.3% to 1,343
• Pending Sales decreased 14.7% to 1,235
• Inventory decreased 15.8% to 8,130

FOR THE MONTH OF SEPTEMBER:

• Median Sales Price increased 10.0% to $340,850
• Days on Market decreased 37.8% to 23
• Percent of Original List Price Received increased 0.7% to 101.2%
• Months Supply of Homes For Sale decreased 21.1% to 1.5

All comparisons are to 2020

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