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Weekly Market Report

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For Week Ending December 2, 2023

Mortgage rates dropped for the fifth consecutive week, with the average 30-year fixed-rate mortgage declining to 7.22% the week ending November 30, 2023, the lowest level since September, according to Freddie Mac. As a result, mortgage applications increased 2.8% on a seasonally adjusted basis from the previous week, and were up 43% on an unadjusted basis, according to data from the Mortgage Bankers Association. Refinance activity also improved, rising 14% from the previous week, marking the strongest week in two months.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 2:

  • New Listings increased 6.0% to 772
  • Pending Sales decreased 2.6% to 648
  • Inventory decreased 4.3% to 8,036

FOR THE MONTH OF OCTOBER:

  • Median Sales Price increased 2.4% to $365,000
  • Days on Market increased 2.8% to 37
  • Percent of Original List Price Received increased 0.2% to 98.4%
  • Months Supply of Homes For Sale increased 20.0% to 2.4

All comparisons are to 2022

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

Nearing Seven Percent, Mortgage Rates Continue to Decrease

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December 7, 2023
The 30-year fixed-rate mortgage averaged near 7 percent this week, down from nearly 7.80 percent just six weeks ago. When rates began to rapidly drop, purchase applications rebounded initially, but this improvement in demand diminished in the last week. Although these lower rates remain a welcome relief, it is clear they will have to further drop to more consistently reinvigorate demand.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending November 25, 2023

Down payments reached a new high recently, as rising interest rates, elevated sales prices, and increased competition have led homebuyers to put more money down when purchasing a home. According to Realtor.com, buyers made an average down payment of 14.7% of the purchase price and a median down payment of $30,400 on primary residences in the third quarter of the year, surpassing the previous high of 14.1% in Q2 2022. In doing so, buyers paid 78.2% more as a down payment in Q3 2023 compared to Q1 2020, when the median down payment was $17,000.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING NOVEMBER 25:

  • New Listings increased 5.6% to 490
  • Pending Sales increased 4.4% to 540
  • Inventory decreased 4.6% to 8,323

FOR THE MONTH OF OCTOBER:

  • Median Sales Price increased 2.4% to $365,000
  • Days on Market increased 2.8% to 37
  • Percent of Original List Price Received increased 0.2% to 98.4%
  • Months Supply of Homes For Sale increased 20.0% to 2.4

All comparisons are to 2022

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