Housing activity is on the upswing after a slow start to the year. Showings, new listings and pending sales are increasing across much of the country, and inventory is straining to keep pace with demand. These pivotal weeks of the spring market are worth watching with extra care, as they may portend the entirety of the 2019 residential real estate market. Buyers are certainly active. Sales and prices will be strong if there are enough options to choose from.

In the Twin Cities region, for the week ending April 13:

• New Listings increased 1.8% to 1,689
• Pending Sales decreased 6.0% to 1,228
• Inventory decreased 2.0% to 9,223

For the month of March:

• Median Sales Price increased 6.5% to $275,000
• Days on Market increased 15.8% to 66
• Percent of Original List Price Received decreased 0.5% to 98.6%
• Months Supply of Homes For Sale increased 5.6% to 1.9

All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

New listings finally started to perk up across the nation last week, effectively launching residential real estate into the springtime selling season. Much has been said and written about the slow launch of new homes for sale in what was anticipated to be a year of rising inventory. Mother Nature has had different plans so far in several markets, adding another burst of winter weather in April that may spoil an otherwise promising start to the second quarter of 2019.

In the Twin Cities region, for the week ending April 6:

• New Listings decreased 3.4% to 1,883
• Pending Sales decreased 6.1% to 1,208
• Inventory decreased 2.2% to 8,797

For the month of March:

• Median Sales Price increased 6.5% to $275,000
• Days on Market increased 15.8% to 66
• Percent of Original List Price Received decreased 0.5% to 98.6%
• Months Supply of Homes For Sale remained flat at 1.8

All comparisons are to 2018

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

The national unemployment rate held firm at 3.8 percent for the second month in a row, which is good news for an economy that has shown signs of slowing down during the first three months of 2019. Hiring and wage gains have both been below expectations, retail sales dropped considerably to close 2018, and there have been fewer home sales across the nation. Maintaining a historically low unemployment rate is reassuring and may offer confidence to many wary and weary consumers.

In the Twin Cities region, for the week ending March 30:

• New Listings increased 18.6% to 1,470
• Pending Sales decreased 3.1% to 1,151
• Inventory decreased 4.3% to 8,657

For the month of February:

• Median Sales Price increased 6.2% to $265,500
• Days on Market remained flat at 69
• Percent of Original List Price Received decreased 0.3% to 97.7%
• Months Supply of Homes For Sale remained flat at 1.7

All comparisons are to 2018

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

As new listings continue to fail to gain traction and inventory struggles to keep pace with the already low figures from last year, one begins to wonder if the U.S. is poised for a real estate slowdown. Some observers are seeing this as an inevitability, as investors price out more typical, family-driven home buyers. Housing starts and permits are also trending downward, and research indicates that the percentage of sales with price reductions are on the rise.

In the Twin Cities region, for the week ending March 23:

• New Listings decreased 10.4% to 1,428
• Pending Sales decreased 16.5% to 1,030
• Inventory decreased 5.6% to 8,429

For the month of February:

• Median Sales Price increased 6.2% to $265,500
• Days on Market remained flat at 69
• Percent of Original List Price Received decreased 0.3% to 97.7%
• Months Supply of Homes For Sale remained flat at 1.7

All comparisons are to 2018

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

The Federal Reserve recently announced that interest rates will remain steady and that further rate hikes are not planned for 2019. Given that the federal funds rate has increased nine times over the past three years, this is welcome news for consumers carrying high credit card balances. The overall economy, inflation and Fed actions also have an effect on mortgage rates, so it is generally good news when rate hikes are paused, especially when total sales are dropping in many parts of the nation.

In the Twin Cities region, for the week ending March 16:

• New Listings decreased 12.2% to 1,374
• Pending Sales decreased 20.8% to 976
• Inventory decreased 5.8% to 8,273

For the month of February:

• Median Sales Price increased 6.2% to $265,500
• Days on Market remained flat at 69
• Percent of Original List Price Received decreased 0.3% to 97.7%
• Months Supply of Homes For Sale remained flat at 1.7

All comparisons are to 2018

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

For Week Ending March 9, 2019

New listings and overall housing inventory are still proceeding slower than last year in many markets across the U.S., and they are mostly trailing activity for last year, which was already rather low. Sales have also been slower than last year at this time in areas with lingering winter weather, but the thaw is on. That may present a new set of difficulties for communities that have experienced an abundance of rain and snow over the last few months.

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

• New Listings decreased 8.6% to 1,304
• Pending Sales decreased 16.2% to 917
• Inventory decreased 6.2% to 8,117

For the month of February:

• Median Sales Price increased 6.2% to $265,500
• Days on Market remained flat at 69
• Percent of Original List Price Received decreased 0.3% to 97.7%
• Months Supply of Homes For Sale remained flat at 1.7

All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending March 2, 2019

Sales totals have been mixed across the nation and dependent on what has been a considerably persistent wintry mix in the Great Plains, Midwest and Northeast. While this time of year brings unpleasant weather to all parts of the country, it has less impact on southern and western states. While there is no true national real estate market, overarching trends continue to be higher prices and more inventory, especially west of the Rocky Mountains. Let’s look more closely at what is happening locally.

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

• New Listings decreased 20.0% to 1,257
• Pending Sales decreased 13.3% to 923
• Inventory decreased 5.5% to 8,009

For the month of January:

• Median Sales Price increased 6.1% to $259,000
• Days on Market decreased 5.8% to 65
• Percent of Original List Price Received increased 0.1% to 97.0%
• Months Supply of Homes For Sale increased 13.3% to 1.7

All comparisons are to 2018

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

For Week Ending February 23, 2019

Two years ago, Millennials (born between 1981 and 1996) passed older generational groups to account for the most new mortgages. Today, Millennials also account for the most total dollar amount of those mortgages. Given the state of ongoing median sales price increases in the majority of the country, this should not come as a surprise. And given the positive state of the U.S. economy, finding the correct balance between positive sales figures and sales prices will be a dominant theme of 2019.

In the Twin Cities region, for the week ending February 23:

• New Listings decreased 25.0% to 949
• Pending Sales decreased 12.6% to 866
• Inventory decreased 3.0% to 8,093

For the month of January:

• Median Sales Price increased 6.1% to $259,000
• Days on Market decreased 5.8% to 65
• Percent of Original List Price Received increased 0.1% to 97.0%
• Months Supply of Homes For Sale increased 13.3% to 1.7

All comparisons are to 2018

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

For Week Ending February 16, 2019

The National Association of REALTORS® has reported in the last month that national existing-home sales and pending sales are both down in year-over-year comparisons, but that has not necessarily been a constant from market to market. While weather-related events have hampered some of the necessary machinations of making home sales, buyers have shown determination toward achieving their homeownership goals. This week has shown some sales strain in many markets, but spring is just around the corner.

In the Twin Cities region, for the week ending February 16:

• New Listings decreased 20.5% to 1,018
• Pending Sales decreased 10.5% to 810
• Inventory decreased 2.5% to 8,043

For the month of January:

• Median Sales Price increased 6.1% to $259,000
• Days on Market decreased 5.8% to 65
• Percent of Original List Price Received increased 0.1% to 97.0%
• Months Supply of Homes For Sale increased 13.3% to 1.7

All comparisons are to 2018

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

For Week Ending February 9, 2019

For the third of four weeks, it is worthwhile to mention the weather when discussing residential real estate in large portions of the U.S. After a relatively quiet December and January, February has turned in some impressively cold and snowy days that have stalled some buying and selling actions. That said, housing markets are proving to be resilient in the face of predictions of a tougher year for the industry. It’s early, but economic fundamentals remain positive.

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

• New Listings decreased 17.4% to 1,135
• Pending Sales decreased 13.9% to 765
• Inventory increased 1.2% to 7,966

For the month of January:

• Median Sales Price increased 6.1% to $259,000
• Days on Market decreased 5.8% to 65
• Percent of Original List Price Received increased 0.1% to 97.0%
• Months Supply of Inventory increased 6.7% to 1.6

All comparisons are to 2018

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