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Mortgage Rates Continue to Slide Down

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November 22, 2023
Mortgage rates continued to decrease heading into the Thanksgiving holiday. In recent weeks, rates have dropped by half a percent, but potential homebuyers continue to hold out for lower rates and more inventory. This dynamic is reflected in the latest data showing that existing home sales have fallen to a thirteen-year low.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending November 11, 2023

Despite sluggish home sales, US home prices have continued to increase, further impacting affordability for many prospective buyers. According to the latest S&P CoreLogic Case-Shiller Index, home prices were up 2.6% year-over-year and 0.4% month-over-month as of last measure, marking the seventh consecutive monthly increase. Additionally, the Federal Housing Finance Agency’s index found home prices increased 5.6% year-over-year and 0.6% month-over-month as of last measure.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING NOVEMBER 11:

  • New Listings increased 12.0% to 981
  • Pending Sales decreased 13.1% to 615
  • Inventory decreased 5.3% to 8,711

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.