Author Archives: Pat Delaney

Weekly Market Report

Posted on Pat Delaney Posted in Weekly Report

1.3 million. That’s how many Americans were reportedly lifted out of underwater mortgage situations this year from rising home prices, according to the Obama administration’s October Housing Scorecard. There’s more going on than meets the eye here. Rising prices also help restore tax base, decreasing the likelihood of tax increases later. National GDP even benefits. When real estate is chugging along, things are good. And now, arguably more so than ever in the past four or
five years, real estate is starting to chug again. It’s not at full speed yet, but the open track ahead beckons.

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

  • New Listings decreased 1.0% to 1,125
  • Pending Sales increased 25.3% to 930
  • Inventory decreased 27.7% to 15,434

For the month of October:

  • Median Sales Price increased 14.8% to $174,995
  • Days on Market decreased 25.0% to 103
  • Percent of Original List Price Received increased 3.5% to 94.4%
  • Months Supply of Inventory decreased 41.0% to 3.7

Click here for the full Weekly Market Activity Report.

From The Skinny.

Mortgage Rates Hovering Low

Posted on Pat Delaney Leave a comment Posted in Interest Rates

Freddie Mac’s Nov. 8 release of its Primary Mortgage Market Survey® (PMMS®) results showed fixed mortgage rates continuing to hover near their record lows over the past six weeks.  Last year at this time, the 30-year fixed-rate mortgage averaged 3.99 percent, dropping below 4.00 percent for the first time since Freddie Mac started reporting its weekly mortgage rates survey in 1971.

Weekly Market Report

Posted on Pat Delaney Posted in Weekly Report

Over the course of the year, we’ve cleverly devised new tactics each week to communicate just how far the market has come. This week is no exception. Most level-headed housing advocates agree that lower residential vacancy rates are a good thing. Well, chalk one up for level-headed housing advocates, because Reuters just reported that the U.S. residential vacancy rate fell to 1.9 percent in the third quarter. That’s the lowest level in seven years. It’s just the latest installment of overwhelming bullish housing news.

In the Twin Cities region, for the week ending October 27:

  • New Listings decreased 3.0% to 1,037
  • Pending Sales increased 11.1% to 914
  • Inventory decreased 28.8% to 15,700

For the month of September:

  • Median Sales Price increased 12.7% to $174,625
  • Days on Market decreased 28.5% to 101
  • Percent of Original List Price Received increased 4.1% to 94.8%
  • Months Supply of Inventory decreased 38.8% to 4.1

Click here for the full Weekly Market Activity Report.

From The Skinny.

Weekly Market Report

Posted on Pat Delaney Posted in Uncategorized

The housing market is improving. But don’t take our word for it. CoreLogic, Standard & Poor’s, FHFA and the NAHB all closely monitor a diverse array of housing data and indicators. At some point over the past six months, every single one of these indices has either reached a multi-year high or has shown several consecutive months of improvements. Does that mean every home in every neighborhood in every city across America is worth more today than it was a year ago? Of course not. But you’d be surprised just how robust this recovery is. Go ahead, dig into the numbers and see for yourself.

In the Twin Cities region, for the week ending October 20:

  • New Listings increased 0.6% to 1,110
  • Pending Sales increased 33.3% to 1,012
  • Inventory decreased 28.5% to 15,903

For the month of September:

  • Median Sales Price increased 12.8% to $174,813
  • Days on Market decreased 28.5% to 101
  • Percent of Original List Price Received increased 4.0% to 94.8%
  • Months Supply of Inventory decreased 39.2% to 4.1

Click here for the full Weekly Market Activity Report.

From The Skinny.