The U.S. Department of Labor reported unemployment claims fell to 364,000 for the week ending June 26, down 51,000 from the previous week’s revised total and the lowest level for initial jobless claims since the pandemic began. Nationwide, the existing-home median sales price set a new record high of $350,300, a 23.6% year-over-year increase, according to the National Association of REALTORS®. Some economists are predicting an increased supply of homes for sale in coming months, which may help to moderate home price increases later in the year.

In the Twin Cities region, for the week ending June 26:

• New Listings increased 5.4% to 1,827
• Pending Sales decreased 3.9% to 1,598
• Inventory decreased 34.2% to 6,898

For the month of April:

• Median Sales Price increased 16.6% to $344,000
• Days on Market decreased 41.5% to 24
• Percent of Original List Price Received increased 4.4% to 104.0%
• Months Supply of Homes For Sale decreased 50.0% to 1.1

All comparisons are to 2020

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

U.S. median rental prices increased 5.5% year over year for an average of $1,527 in May, exceeding pre-pandemic figures and putting rents at their highest level in two years, according to realtor.com’s Monthly Rental Report. Meanwhile, after months of record highs, lumber prices have finally begun falling, with futures for July delivery down 41% since May’s record high, their biggest ever weekly loss, Bloomberg reports. Still, demand for housing remains strong as ever, with mortgage and refinance applications up from the previous week, according to the Mortgage Bankers Association.

In the Twin Cities region, for the week ending June 12:

• New Listings increased 9.5% to 1,894
• Pending Sales increased 4.6% to 1,531
• Inventory decreased 42.4% to 6,109

For the month of April:

• Median Sales Price increased 16.6% to $343,750
• Days on Market decreased 41.5% to 24
• Percent of Original List Price Received increased 4.4% to 104.0%
• Months Supply of Homes For Sale decreased 54.5% to 1.0

All comparisons are to 2020

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

Fannie Mae’s new refinancing program, RefiNow™, which offers qualifying homeowners with a Fannie Mae-owned mortgage new options for refinancing their loans, officially starts on June 5th. Borrowers at or below 80% of the area’s median income may qualify for this new program, which can lower interest rates and reduce monthly payments by $50 or more. Homeowners can learn more about qualifications and their options by contacting their lender or visiting KnowYourOptions.com.

In the Twin Cities region, for the week ending June 5:

• New Listings decreased 3.5% to 1,704
• Pending Sales decreased 21.3% to 1,185
• Inventory decreased 44.3% to 5,892

For the month of April:

• Median Sales Price increased 10.2% to $336,250
• Days on Market decreased 34.0% to 31
• Percent of Original List Price Received increased 3.4% to 103.3%
• Months Supply of Homes For Sale decreased 47.6% to 1.1

All comparisons are to 2020

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

According to Black Knight, mortgage loan delinquency rates are continuing to decline, with the national delinquency rate falling to 4.66% in its April survey from 5.02% in March. While the continued decline of delinquency rates is a positive sign, nearly 1.8 million first-lien mortgages remain seriously delinquent, which is 1.3 million more than before the pandemic.

In the Twin Cities region, for the week ending May 29:

• New Listings increased 2.0% to 1,515
• Pending Sales increased 30.6% to 1,673
• Inventory decreased 45.4% to 5,837

For the month of April:

• Median Sales Price increased 10.2% to $336,250
• Days on Market decreased 34.0% to 31
• Percent of Original List Price Received increased 3.4% to 103.3%
• Months Supply of Homes For Sale decreased 47.6% to 1.1

All comparisons are to 2020

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

A new analysis from Realtor.com® found that 20% of home sales nationwide in the first two months of this year were purchased in cash, up about 5% from a year ago. The substantial increase in cash buyers can be partially attributed to the competitiveness of the housing market, where a cash offer can help a buyer’s offer stand out from competing offers. Meanwhile, for buyers that do need to finance their purchase, mortgage rates on a 30-year fixed-rate mortgage averaged just 3% last week.

In the Twin Cities region, for the week ending May 22:

• New Listings increased 1.1% to 1,818
• Pending Sales increased 7.5% to 1,625
• Inventory decreased 45.1% to 5,838

For the month of April:

• Median Sales Price increased 10.4% to $336,845
• Days on Market decreased 34.0% to 31
• Percent of Original List Price Received increased 3.4% to 103.3%
• Months Supply of Homes For Sale decreased 52.4% to 1.0

All comparisons are to 2020

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

Despite elevated demand for housing, construction of new homes fell in April, with the U.S. Department of Housing and Urban Development and the U.S. Census Bureau reporting a 9.5% decrease in housing starts from the previous month. Rising building costs continue to hinder affordability and inventory for many homebuyers, although shortages in labor, issues with the U.S. supply chain, and lasting impact from late winter storms have also contributed to the decline in new construction activity, putting some projects on pause for the time being.

In the Twin Cities region, for the week ending May 15:

• New Listings increased 13.8% to 1,926
• Pending Sales increased 13.5% to 1,573
• Inventory decreased 45.8% to 5,765

For the month of April:

• Median Sales Price increased 10.2% to $336,250
• Days on Market decreased 34.0% to 31
• Percent of Original List Price Received increased 3.4% to 103.3%
• Months Supply of Homes For Sale decreased 52.4% to 1.0

All comparisons are to 2020

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

The Mortgage Bankers Association’s latest National Delinquency Survey found the seasonally adjusted delinquency rate of one-to-four unit residential properties decreased to 6.38 percent of all loans outstanding in Q1 2021, which is 35 basis points lower than Q4 2020 but still 202 basis points higher than the same time last year. The COVID-19 induced delinquency rate peaked in Q2 2020 at 8.22 percent and over the last three quarters has experienced the quickest decline in the history of the survey. Although delinquencies remain elevated, the continued declines are encouraging and are expected to continue.

In the Twin Cities region, for the week ending May 8:

• New Listings increased 0.7% to 1,829
• Pending Sales increased 24.5% to 1,571
• Inventory decreased 47.0% to 5,524

For the month of April:

• Median Sales Price increased 10.5% to $337,000
• Days on Market decreased 34.0% to 31
• Percent of Original List Price Received increased 3.5% to 103.4%
• Months Supply of Homes For Sale decreased 52.4% to 1.0

All comparisons are to 2020

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

The National Association of Home Builders’ latest Housing Trends Report found that in Q1 2021, 16% of American adults were looking to purchase a home in the next 12 months, up from 10% from a year ago and now at the highest level since Q1 2018. The Millennial generation saw the largest change in expectations year over year, with 32% planning to buy in the next 12 months, double the levels seen in Q1 2020.

In the Twin Cities region, for the week ending May 1:

• New Listings increased 10.8% to 1,730
• Pending Sales increased 25.5% to 1,534
• Inventory decreased 47.8% to 5,406

For the month of March:

• Median Sales Price increased 10.5% to $328,231
• Days on Market decreased 36.1% to 39
• Percent of Original List Price Received increased 2.7% to 101.9%
• Months Supply of Homes For Sale decreased 47.4% to 1.0

All comparisons are to 2020

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

A bit of good news this week on the home affordability front as the 30-year fixed-rate mortgage slipped below 3 percent to 2.97%, according to Freddie Mac. The benchmark 30-year fixed-rate mortgage rate, while still higher than a few months ago, remains more than one third of a percent less than the same time last year. The slight pullback in rates may be short lived, however, as Nadia Evangelou, senior economist for the National Association of REALTORS®, still expects rates to rise in the coming months.

In the Twin Cities region, for the week ending April 24:

• New Listings increased 14.5% to 1,687
• Pending Sales increased 38.4% to 1,509
• Inventory decreased 47.5% to 5,337

For the month of March:

• Median Sales Price increased 10.4% to $328,000
• Days on Market decreased 36.1% to 39
• Percent of Original List Price Received increased 2.7% to 101.9%
• Months Supply of Homes For Sale decreased 47.4% to 1.0

All comparisons are to 2020

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

A new analysis by housing giant Freddie Mac suggests that the U.S. housing market needs 3.8 million more single-family homes nationwide to meet demand. Sam Khater, Freddie Mac’s chief economist, noted “we should have almost four million more housing units if we had kept up with demand the last few years.” While new construction activity has increased in recent years, it has never fully recovered to its previous peak more than fifteen years ago.

In the Twin Cities region, for the week ending April 17:

• New Listings increased 19.0% to 1,582
• Pending Sales increased 45.3% to 1,481
• Inventory decreased 47.6% to 5,276

For the month of March:

• Median Sales Price increased 10.4% to $328,000
• Days on Market decreased 36.1% to 39
• Percent of Original List Price Received increased 2.7% to 101.9%
• Months Supply of Homes For Sale decreased 55.0% to 0.9

All comparisons are to 2020

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