For Week Ending January 5, 2019

The turn of a calendar year often creates a desire to resolve to do something different. Weight loss through a combination of regular exercise and healthy eating is often at the top of the list, followed by learning a new skill, quitting smoking, reading more, spending more time with loved ones, getting more organized, traveling and saving money. Annual evidence indicates that a bump in listing and buying activity also occurs each January, which appears to be the case again in 2019 for much of the country.

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

• New Listings decreased 4.9% to 809
• Pending Sales increased 0.7% to 553
• Inventory increased 6.0% to 8,209

For the month of November:

• Median Sales Price increased 8.2% to $265,000
• Days on Market decreased 7.1% to 52
• Percent of Original List Price Received decreased 0.1% to 97.3%
• Months Supply of Inventory increased 10.5% to 2.1

All comparisons are to 2018

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending December 29, 2018

Although the 2018 U.S. stock market had its worst losses in a decade, employers added 2.64 million jobs in 2018 – the best year since 2015 – as well as 312,000 jobs during December. In addition, average hourly earnings increased 3.2 percent, matching the October 2018 percentage that marked a nearly ten-year high. The unemployment rate rose to 3.9 percent from 3.7 percent but is still historically low. These combined events give the impression of an economy that remains ultimately optimistic but is also recalibrating.

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

• New Listings increased 22.2% to 297
• Pending Sales increased 11.5% to 514
• Inventory increased 0.2% to 8,608

For the month of November:

• Median Sales Price increased 8.2% to $265,000
• Days on Market decreased 7.1% to 52
• Percent of Original List Price Received decreased 0.1% to 97.3%
• Months Supply of Inventory increased 10.5% to 2.1

All comparisons are to 2017

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending December 22, 2018

The last few weeks of the year provide an opportunity for buyers, sellers and real estate practitioners alike to spend time with the family and friends that make owning a home that much more special. It also provides a time to plan for the potential for marginal increases in average household wages, median sales prices for homes, mortgage rates and total available homes for sale in 2019.

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

• New Listings increased 11.1% to 469
• Pending Sales decreased 7.4% to 680
• Inventory increased at 9,053

For the month of November:

• Median Sales Price increased 8.2% to $265,000
• Days on Market decreased 7.1% to 52
• Percent of Original List Price Received decreased 0.1% to 97.3%
• Months Supply of Inventory increased 10.5% to 2.1

All comparisons are to 2017

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending December 15, 2018

The U.S. Federal Reserve recently raised the benchmark borrowing rate to a range of 2.25 to 2.50 percent. It is the fourth increase in 2018 and brings the rate to its highest level in a decade. As a result, borrowing money will be more expensive, particularly for credit card purchases. Fed Chair Jerome Powell stated that a rate increase at this time was appropriate for a healthy economy. Fed actions do not necessarily affect mortgage rates, but they can be influential.

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

• New Listings increased 9.5% to 702
• Pending Sales decreased 6.7% to 723
• Inventory increased 1.0% to 9,487

For the month of November:

• Median Sales Price increased 8.2% to $265,000
• Days on Market decreased 7.1% to 52
• Percent of Original List Price Received decreased 0.1% to 97.3%
• Months Supply of Inventory increased 10.5% to 2.1

All comparisons are to 2017

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending December 8, 2018

The month of December often equates to a full-scale slowdown in residential real estate, as thoughts shift from buying homes to buying gifts and plane tickets to visit family and friends. This year could be different. The Federal Reserve is set to raise interest rates one more time in 2018. Interest rate hikes don’t necessarily create mortgage rate hikes, but they can. This may cause more purchase offers ahead of deeper affordability concerns in 2019.

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

• New Listings increased 1.4% to 773
• Pending Sales decreased 8.3% to 716
• Inventory increased 2.1% to 9,994

For the month of November:

• Median Sales Price increased 8.2% to $265,000
• Days on Market decreased 7.1% to 52
• Percent of Original List Price Received decreased 0.1% to 97.3%
• Months Supply of Inventory increased 5.0% to 2.1

All comparisons are to 2017

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending December 1, 2018

While recent stock market activity has displayed some heart-pounding drops and rallying rises, that volatility has not created the same tidal waves within residential real estate. Increasing home prices and mortgage rates have indeed created a sense of immediacy for some buyers and turned others away due to affordability concerns, but these decisions appear to be rooted in longer-term trends rather than the effects of a media headline or presidential tweet.

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

• New Listings increased 7.0% to 877
• Pending Sales decreased 9.0% to 904
• Inventory increased 1.5% to 10,437

For the month of October:

• Median Sales Price increased 8.6% to $265,000
• Days on Market decreased 7.7% to 48
• Percent of Original List Price Received increased 0.2% to 97.9%
• Months Supply of Inventory remained flat at 2.4

All comparisons are to 2017

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending November 24, 2018

With each passing week, it is evident that residential real estate markets across the nation are poised to finish 2018 with positive energy and room for optimism. Even in an environment of rising home prices and mortgage rates, we are finding relative balance in city after city when looking specifically at year-over-year trends. While it’s true that sales and new listings are down compared to last year at this time for some price ranges and home types, it is not often by much.

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

• New Listings increased 16.7% to 525
• Pending Sales decreased 7.2% to 670
• Inventory increased 2.0% to 10,852

For the month of October:

• Median Sales Price increased 8.6% to $265,000
• Days on Market decreased 7.7% to 48
• Percent of Original List Price Received increased 0.2% to 97.9%
• Months Supply of Inventory remained flat at 2.4

All comparisons are to 2017

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending November 17, 2018

Sales and new listings continue to perform well in much of the nation thanks to a booming economy. Housing affordability remains a concern and is beginning to affect new single-family home construction. Builders are showing caution in the face of rising home prices and mortgage rates. Historically, housing can still be considered relatively affordable, but affordability measures have shown decline for several years. If this continues, it could negate recent gains in inventory.

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

• New Listings increased 6.7% to 955
• Pending Sales decreased 7.0% to 891
• Inventory increased 0.9% to 11,273

For the month of October:

• Median Sales Price increased 8.6% to $265,000
• Days on Market decreased 7.7% to 48
• Percent of Original List Price Received increased 0.2% to 97.9%
• Months Supply of Inventory remained flat at 2.4

All comparisons are to 2017

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending November 10, 2018

The Bureau of Labor Statistics recently reported that the unemployment rate for October 2018 remained unchanged from the prior month at 3.7 percent. Low unemployment has been one of many positive outcomes during a strong U.S. economy. Real estate has also been a benefactor of recent economic strength, as cranes dot U.S. skylines and median sales prices have increased in most residential real estate markets for several years. Gainful employment is important in order for these conditions to continue.

In the Twin Cities region, for the week ending November 10:

• New Listings increased 9.4% to 1,012
• Pending Sales decreased 6.1% to 949
• Inventory increased 0.8% to 11,649

For the month of October:

• Median Sales Price increased 8.6% to $265,000
• Days on Market decreased 7.7% to 48
• Percent of Original List Price Received increased 0.2% to 97.9%
• Months Supply of Inventory remained flat at 2.4

All comparisons are to 2017

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending November 3, 2018

According to Freddie Mac, the 30-year fixed rate is at its highest average in seven years, reaching 4.94 percent. Last year at this time, the average rate was 3.90 percent. The higher rates are causing a slowdown in home price growth in some markets, but not all markets yet. Keeping a positive perspective, average rates were 5.97 percent ten years ago at this time, 6.78 percent 20 years ago and 10.39 percent 30 years ago. For maximum comparative impact, consider the 17.21 percent average rate of November 1981.

In the Twin Cities region, for the week ending November 3:

• New Listings increased 9.7% to 1,115
• Pending Sales decreased 16.5% to 943
• Inventory decreased 1.1% to 12,095

For the month of September:

• Median Sales Price increased 6.1% to $262,000
• Days on Market decreased 16.0% to 42
• Percent of Original List Price Received increased 0.3% to 98.4%
• Months Supply of Inventory remained flat at 2.6

All comparisons are to 2017

Click here for the full Weekly Market Activity Report. From The Skinny Blog.