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Weekly Market Report

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For Week Ending July 13, 2024

U.S. homeowners with a mortgage saw their equity increase 9.6% year-over-year in the first quarter of 2024, an average gain of $28,000 and the highest number since 2022, according to CoreLogic’s Homeowner Equity Insights report. At the state level, California saw the greatest equity gain at an average of $64,000 annually, followed by Massachusetts and New Jersey, at $61,000 and $59,000, respectively.

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

  • New Listings increased 4.8% to 1,640
  • Pending Sales decreased 15.4% to 909
  • Inventory increased 10.3% to 8,905

FOR THE MONTH OF JUNE:

  • Median Sales Price increased 1.8% to $390,000
  • Days on Market increased 9.7% to 34
  • Percent of Original List Price Received decreased 1.2% to 100.1%
  • Months Supply of Homes For Sale increased 14.3% to 2.4

All comparisons are to 2023

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

Mortgage Rates Continue to Fall

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July 18, 2024
The 30-year fixed-rate mortgage fell to its lowest level since mid-March, dropping 12 basis points from last week. Mortgage rates are headed in the right direction and the economy remains resilient, two positive incremental signs for the housing market. However, homebuyers have yet to respond to lower rates, as purchase application demand is still roughly 5 percent below Spring, when rates were approximately the same. This is not uncommon: sometimes as rates decline, demand weakens, and the apparent paradox is driven by buyers making sure rates don’t decline further before they decide to purchase.

Information provided by Freddie Mac.