Bruce Erickson

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Weekly Market Report

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For Week Ending May 25, 2024

Prospective homebuyers received good news recently in the form of declining mortgage rates, which fell for the third consecutive week, offering consumers some relief amid persistent affordability challenges. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.94% the week ending May 23, down from 7.02% the week before, marking the first time since early April that rates have fallen below 7%.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 25:

  • New Listings decreased 9.4% to 1,288
  • Pending Sales decreased 6.6% to 1,127
  • Inventory increased 14.9% to 8,428

FOR THE MONTH OF APRIL:

  • Median Sales Price increased 4.1% to $385,000
  • Days on Market remained flat at 46
  • Percent of Original List Price Received decreased 0.2% to 99.9%
  • Months Supply of Homes For Sale increased 23.5% to 2.1

All comparisons are to 2023

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

Mortgage Rates Move Up

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May 30, 2024
Following several weeks of decline, mortgage rates changed course this week. More hawkish commentary about inflation and tepid demand for longer-dated Treasury auctions caused market yields to rise across the board. This reality, as well as economic signals that have moved sideways over the last few weeks, have resulted in mortgage rates drifting higher as markets continue to dial back expectations of interest rate cuts.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending May 18, 2024

According to the 2021 American Housing Survey, approximately 10.2 million households bought and moved to a new home in the two years preceding the date the survey was conducted. Of those, 40% of buyers purchased their first home, and 7% of buyers purchased a newly built home. First-time buyers had a median age of 33 years and a median income of $90,000, while new-home buyers had a median age of 45 years and a median income of $112,100. The median age of all homebuyers was 41 years, with a median income of $97,700.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 18:

  • New Listings decreased 2.7% to 1,646
  • Pending Sales decreased 4.9% to 1,028
  • Inventory increased 16.9% to 8,234

FOR THE MONTH OF APRIL:

  • Median Sales Price increased 4.1% to $385,000
  • Days on Market remained flat at 46
  • Percent of Original List Price Received decreased 0.2% to 99.9%
  • Months Supply of Homes For Sale increased 23.5% to 2.1

All comparisons are to 2023

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

Mortgage Rates Drop Below Seven Percent

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May 23, 2024
Spring homebuyers received an unexpected windfall this week, as mortgage rates fell below the seven percent threshold for the first time in over a month. Although this week’s data on previously owned home sales showed a decline, total inventory of both new and existing homes is up. Greater supply coupled with the recent downward trend in rates is an encouraging sign for the housing market.

Information provided by Freddie Mac.

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