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Weekly Market Report

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For Week Ending October 26, 2024

Millennials—people ages 28 to 43—make up the largest share of homebuyers nationwide, according to the National Association of REALTORS® 2024 Home Buyers and Sellers Generational Trends Report. Millennials comprised 38% of buyers in transactions that occurred between July 2022 and June 2023, up from 28% the previous 12-month period. Meanwhile, baby boomers, who held the top spot among homebuyers last year at 39%, came in second place, accounting for 31% of all purchase transactions.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 26:

  • New Listings increased 10.2% to 1,112
  • Pending Sales increased 20.0% to 840
  • Inventory increased 9.9% to 10,239

FOR THE MONTH OF SEPTEMBER:

  • Median Sales Price increased 2.4% to $380,000
  • Days on Market increased 14.7% to 39
  • Percent of Original List Price Received decreased 0.8% to 98.5%
  • Months Supply of Homes For Sale increased 12.0% to 2.8

All comparisons are to 2023

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

Mortgage Rates Increase for the Fifth Consecutive Week

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October 31, 2024
Increasing for the fifth consecutive week, mortgage rates reached their highest level since the beginning of August. With several potential inflection points happening over the next week, including the jobs report, the 2024 election, and the Federal Reserve interest rate decision, we can expect mortgage rates to remain volatile. Although uncertainty will remain, it does appear mortgage rates are cresting, and are not expected to reach the highs seen earlier this year.

Information provided by Freddie Mac.