The April 25 release of Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) results shows average fixed mortgage rates moving lower for the fourth consecutive week. The 15-year fixed-rate mortgage hit a new all-time record low at 2.61 percent.
Positive news about the housing market has permeated the headlines for several months now, and it’s not just a case of less supply and more demand. It’s also a function of product mix. When there is a transition from a 50 percent foreclosure market to a 25 percent foreclosure market, prices inevitably rise because there are fewer low-priced homes in the sales mix. Of course, this is not the case in all submarkets, so here’s what else is happening around town.
In the Twin Cities region, for the week ending April 13:
For the month of March:
Click here for the full Weekly Market Activity Report.From The Skinny.
The April 18 release of Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) results shows average fixed mortgage rates moving lower for the third consecutive week, amid data showing weaker consumer spending.
The unpredictable season of spring is here. Wily snowstorms, thunderous rain and summer-like heat waves strike across the U.S. It’s a good thing that we can count on at least one thing – a steadily improving housing market. Even the few naysayers left can’t ignore the cherry blossom blooms within the market metrics. So get out your umbrella, sunscreen and snow boots because, no matter the weather, we are watching a burgeoning market take form. With scarf, shorts and galoshes on, let’s wade into this week’s local housing stats.
In the Twin Cities region, for the week ending April 6:
For the month of March:
Click here for the full Weekly Market Activity Report.From The Skinny.
There were 3,632 closed sales in March 2013, which was roughly even with last year. There were 4,656 pending sales, a 6.6 percent increase over 2012. Inventory levels declined 31.0 percent to 12,615 active listings, marking a new 10-year low. Driven by the changing mix of sales, the median price for the Twin Cities metro rose 17.4 percent to $176,000. More product sold at higher price points.
“We closely monitor the mix of homes that sell,” said Andy Fazendin, President of the Minneapolis Area Association of REALTORS®. “It’s evident that foreclosures and short sales are comprising a smaller share of overall listings and sales compared to recent years. This is great news for the traditional market.”
Although seller activity was down 5.0 percent in the metro area, traditional new listings were up 9.7 percent; foreclosure new listings were down 26.6 percent; short sale new listings were down 42.0 percent.
Since traditional homes sell for about 55.0 percent more than foreclosures, median sales price rose 17.4 percent compared to last year. The 10K Housing Value Index – which controls for data variability – showed a 10.5 percent increase to $182,378. More seller participation in the market will be crucial to ongoing recovery, as many consumers are frustrated by the limited supply of homes for sale. There is evidence that this is improving, as traditional seller activity has been on the rise lately.
Traditional homes represented more than 62.0 percent of all closed sales. Distressed properties made up the remaining 38.0 percent. The traditional median sales price was up 6.1 percent to $209,900; the foreclosure median sales price was up 28.5 percent to $134,900; the short sale median sales price was down 3.0 percent to $130,000.
“Buyers are filling the market pool with the arrival of spring,” said Emily Green, MAAR President-Elect. “Sellers are starting to dip their toes into the water, but we could use some divers.”
Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) results released April 11 show average fixed mortgage rates edging down for the second consecutive week following weak employment reports. The average 30-year fixed-rate mortgage remains near its 65-year record low.