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For Week Ending September 25, 2021

The Federal Reserve announced this week that while it would keep its benchmark rate near zero, it was preparing to taper stimulus efforts put in place to combat the pandemic, including winding down its bond purchase program. Experts expect interest rates on mortgages, credit cards, car loans, and other consumer loans will rise as the Fed tapers its bond purchases. Looking long-term, The National Association of REALTORS® predicts the 30-year fixed-rate mortgage to rise to near 3.5% by mid-2022, about 60 basis points higher than they are today.

In the Twin Cities region, for the week ending September 25:

• New Listings decreased 15.1% to 1,556
• Pending Sales decreased 6.9% to 1,377
• Inventory decreased 14.3% to 8,451

For the month of August:

• Median Sales Price increased 11.1% to $350,000
• Days on Market decreased 43.6% to 22
• Percent of Original List Price Received increased 2.1% to 102.4%
• Months Supply of Homes For Sale decreased 26.3% 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 September 18, 2021

Despite increases in new listings in recent months, America is facing an epic housing shortage, with realtor.com reporting the U.S. needs an additional 5.24 million homes to meet current population needs, an increase of 1.4 million homes since 2019, as new-home construction has failed to keep up with household formations. Assuming the rate of household formations continues, the average rate of new home completions would need to triple over the next 5 – 6 years in order to meet current demand.

In the Twin Cities region, for the week ending September 18:

• New Listings decreased 10.5% to 1,736
• Pending Sales decreased 18.1% to 1,289
• Inventory decreased 15.0% to 8,287

For the month of August:

• Median Sales Price increased 11.1% to $350,000
• Days on Market decreased 43.6% to 22
• Percent of Original List Price Received increased 2.1% to 102.4%
• Months Supply of Homes For Sale decreased 26.3% 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 September 11, 2021

Fall brings good news for those looking to purchase a home, with realtor.com reporting the best time to buy a home is now, according to their Best Time to Buy Report, which analyzed listing data back to 2018. Based on the data, analysts found that the period between Sept. 12 and Oct. 17 will offer the most favorable home buying conditions to prospective buyers, as the majority of U.S. markets are predicted to see more homes for sale, less competition, and increased days on market than at any other time this year.

In the Twin Cities region, for the week ending September 11:

• New Listings decreased 9.0% to 1,680
• Pending Sales decreased 19.5% to 1,141
• Inventory decreased 16.9% to 7,971

For the month of July:

• Median Sales Price increased 11.9% to $350,000
• Days on Market decreased 43.6% to 22
• Percent of Original List Price Received increased 2.1% to 102.4%
• Months Supply of Homes For Sale decreased 26.3% to 1.4

All comparisons are to 2020

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