January 23, 2024
After crossing the 7%-mark last week, the 30-year fixed-rate mortgage saw its first decline in six weeks. While affordability challenges remain, this is welcome news for potential homebuyers, as reflected in a corresponding uptick in purchase applications.
Information provided by Freddie Mac.
For Week Ending January 11, 2025
Higher mortgage rates, coupled with rising sales prices, continue to impact buyer preferences for smaller homes. According to the U.S. Census Bureau, the typical single-family home under construction had a median floor area of 2,158 square feet in the third quarter of 2024, down from 2,214 square feet in the third quarter of 2023. The average size of new single-family homes started in the third quarter dropped to 2,384 square feet, down from an average of 2,434 square feet one year earlier.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 11:
- New Listings increased 9.7% to 1,006
- Pending Sales decreased 7.7% to 529
- Inventory decreased 2.0% to 6,857
FOR THE MONTH OF DECEMBER:
- Median Sales Price increased 4.6% to $370,000
- Days on Market increased 9.8% to 56
- Percent of Original List Price Received increased 0.3% to 97.0%
- Months Supply of Homes For Sale decreased 5.3% to 1.8
All comparisons are to 2024
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
January 16, 2024
Mortgage rates ticked up for the fifth consecutive week and crossed seven percent for the first time since May of 2024. The underlying strength of the economy is contributing to this increase in rates. Despite rising rates, Freddie Mac research highlights that consumers can save money if they shop for several different lender quotes.
Information provided by Freddie Mac.
For Week Ending January 4, 2025
U.S. pending home sales recently hit a 21-month high, rising 2.2% month-over-month, marking the fourth consecutive month in which contract signings increased, according to the National Association of REALTORS®. On a monthly basis, pending sales increased in the Midwest, South, and West but decreased in the Northeast. Annual gains were reported in all four regions.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 4:
- New Listings decreased 18.9% to 710
- Pending Sales decreased 10.1% to 426
- Inventory increased 3.3% to 7,191
FOR THE MONTH OF DECEMBER:
- Median Sales Price increased 4.6% to $370,000
- Days on Market increased 9.8% to 56
- Percent of Original List Price Received increased 0.3% to 97.0%
- Months Supply of Homes For Sale decreased 5.3% to 1.8
All comparisons are to 2024
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
January 9, 2024
In the first full week of the new year, the 30-year fixed-rate mortgage remained elevated at just under 7 percent. The continued strength of the economy has put upward pressure on mortgage rates, and along with high home prices, continues to impact housing affordability. The lack of entry-level supply also remains an issue, especially for those looking to become first-time homeowners.
Information provided by Freddie Mac.
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