For Week Ending June 9, 2018

The Federal Reserve recently increased the federal funds rate by 0.25 percent, marking the second rate hike this year and seventh since late 2015. Two more 0.25 percent increases are expected by the end of the year. The 30-year mortgage rate did not increase, yet Fed action can have an indirect effect on the housing market. Buyers often react by trying to lock in at the current rate ahead of assumed future higher rates. Educating consumers that the Fed rate and mortgage rates are not the same can help curb panic buying.

In the Twin Cities region, for the week ending June 9:

• New Listings decreased 2.7% to 2,094
• Pending Sales decreased 4.1% to 1,450
• Inventory decreased 18.5% to 10,623

For the month of May:

• Median Sales Price increased 8.4% to $271,000
• Days on Market decreased 9.6% to 47
• Percent of Original List Price Received increased 0.7% to 100.2%
• Months Supply of Inventory decreased 12.0% to 2.2

All comparisons are to 2017

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

For Week Ending June 2, 2018

At this time last year, there were two universal truths in residential real estate across the country. Whether or not sales were up in year-over-year comparisons, the market was assuredly active, and, thus, overall inventory was trending downward compared to the year before. That remained the case for the entirety of 2017, and that refrain sounds entirely familiar for the duration of 2018.

In the Twin Cities region, for the week ending June 2:

• New Listings decreased 3.0% to 1,946
• Pending Sales decreased 1.5% to 1,407
• Inventory decreased 17.6% to 10,530

For the month of April:

• Median Sales Price increased 8.9% to $266,750
• Days on Market decreased 10.2% to 53
• Percent of Original List Price Received increased 0.8% to 99.9%
• Months Supply of Inventory decreased 20.8% to 1.9

All comparisons are to 2017

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

For Week Ending May 26, 2018

Residential real estate activity is in full swing across America. Some trends are persisting as they have week after week, month after month and now year after year. But some metrics are teasing a deviation from the norm. There may not be as many homes for sale as there were last year at this time, and home price increases are still more likely than not, but there is a chance that we could see more positive changes in either sales or new listings as the summer months progress.

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

• New Listings increased 5.5% to 1,817
• Pending Sales decreased 9.9% to 1,405
• Inventory decreased 19.4% to 10,322

For the month of April:

• Median Sales Price increased 8.8% to $266,500
• Days on Market decreased 10.2% to 53
• Percent of Original List Price Received increased 0.8% to 99.9%
• Months Supply of Inventory decreased 20.8% to 1.9

All comparisons are to 2017

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

For Week Ending May 19, 2018

According to the National Association of REALTORS®, existing home sales were down 2.5 percent for the nation as a whole in April. While local trends do not necessarily coincide with national trends, a holistic outlook can often explain the general state of feelings regarding residential real estate. Sales have been lower in year-over-year comparisons in the hottest submarkets due to low inventory and a speed to sale that is faster than the market can replenish itself.

In the Twin Cities region, for the week ending May 19:

• New Listings increased 8.9% to 2,279
• Pending Sales decreased 10.2% to 1,437
• Inventory decreased 22.6% to 9,768

For the month of April:

• Median Sales Price increased 9.0% to $267,000
• Days on Market decreased 10.2% to 53
• Percent of Original List Price Received increased 0.8% to 99.9%
• Months Supply of Inventory decreased 20.8% to 1.9

All comparisons are to 2017

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

For Week Ending May 12, 2018

Inventory and days on market both continue to skim along at historic lows, while buyer demand is creating competitive purchase offer situations that are increasing the number of homes sold for more than the asking price. This practice is nothing new in more popular areas, but higher offers are becoming normal outside of the hottest cities and neighborhoods. Affordability is a challenge for some potential buyers, yet prices still rise in an environment of economic confidence.

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

• New Listings decreased at 2,073
• Pending Sales decreased 5.5% to 1,466
• Inventory decreased 23.9% to 9,446

For the month of April:

• Median Sales Price increased 8.9% to $266,750
• Days on Market decreased 10.2% to 53
• Percent of Original List Price Received increased 0.7% to 99.8%
• Months Supply of Inventory decreased 20.8% to 1.9

All comparisons are to 2017

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

For Week Ending May 5, 2018

Year-over-year percentage changes for housing metrics like inventory, median sales price and days on market have sometimes looked dramatic over the past few years in most markets across the country not named Houston. But as faster sales and higher prices persist, another trend is beginning to emerge: reliability. Although more market balance is preferred, the current situation has proven to be surprisingly sustainable, at least for the time being.

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

• New Listings decreased 13.9% to 2,054
• Pending Sales decreased 10.0% to 1,456
• Inventory decreased 23.2% to 9,155

For the month of March:

• Median Sales Price increased 9.8% to $258,050
• Days on Market decreased 21.9% to 57
• Percent of Original List Price Received increased 1.1% to 99.1%
• Months Supply of Inventory decreased 22.7% to 1.7

All comparisons are to 2017

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

For Week Ending April 28, 2018

As with last spring, the home-purchasing season will be competitive this year. Demand is still strong, especially in light of rising mortgage rates. Savvy consumers will want to get into a home before rates go up again. Amidst an environment of low inventory, buyers need to remain watchful of new listings and make their offers quickly.

In the Twin Cities region, for the week ending April 28:

• New Listings decreased 7.2% to 1,761
• Pending Sales decreased 9.5% to 1,389
• Inventory decreased 23.5% to 9,051

For the month of March:

• Median Sales Price increased 9.8% to $258,000
• Days on Market decreased 21.9% to 57
• Percent of Original List Price Received increased 1.1% to 99.1%
• Months Supply of Inventory decreased 22.7% to 1.7

All comparisons are to 2017

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

For Week Ending April 21, 2018

After at least two years of hearing reports that both sellers and builders are gaining in confidence due to an expected positive return on investment, we are starting to see some upward movement in the New Listings metric locally and throughout the nation. Although there may not necessarily be positives from week to week, a longer-term improvement trend would not be a surprise at this point.

In the Twin Cities region, for the week ending April 21:

• New Listings decreased 19.4% to 1,669
• Pending Sales decreased 12.6% to 1,296
• Inventory decreased 23.3% to 8,899

For the month of March:

• Median Sales Price increased 9.8% to $258,000
• Days on Market decreased 21.9% to 57
• Percent of Original List Price Received increased 1.1% to 99.1%
• Months Supply of Inventory decreased 22.7% to 1.7

All comparisons are to 2017

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

For Week Ending April 14, 2018

One begins to wonder just how long the housing market can work in the favor of sellers. Low inventory continues to create a competitive situation for buyers that has sales prices meeting asking prices and often going over for well-priced homes that show well. As long as buyers continue to form new households and feel financially confident within an inviting economy, this could be the state of residential real estate for quite some time.

In the Twin Cities region, for the week ending April 14:

• New Listings decreased at 1,653
• Pending Sales decreased 14.0% to 1,258
• Inventory decreased 24.2% to 8,752

For the month of March:

• Median Sales Price increased 9.8% to $258,000
• Days on Market decreased 21.9% to 57
• Percent of Original List Price Received increased 1.1% to 99.1%
• Months Supply of Inventory decreased 22.7% to 1.7

All comparisons are to 2017

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

For Week Ending April 7, 2018

The spring of 2018 has exhibited weather patterns that many will not soon forget. Professional baseball games are getting canceled due to snow, vacations are being delayed by grounded flights and the usual rush that takes place in the housing market when the names of months get shorter is maintaining a more even pace. Given continued heightened buyer demand brought on by more household formations and higher wages, temperance may well be a good thing for market health.

In the Twin Cities region, for the week ending April 7:

• New Listings decreased 5.8% to 1,941
• Pending Sales decreased 11.7% to 1,230
• Inventory decreased 24.9% to 8,365

For the month of March:

• Median Sales Price increased 9.8% to $258,000
• Days on Market decreased 21.9% to 57
• Percent of Original List Price Received increased 1.1% to 99.1%
• Months Supply of Inventory decreased 22.7% to 1.7

All comparisons are to 2017

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