Freddie Mac’s June 5 release of the results of its Primary Mortgage Market Survey® (PMMS®) shows average fixed mortgage rates largely flat compared to the previous week amid light economic reports.
Mortgage Rates Show Little Movement
Author Archives: Pat Delaney
New Listings and Pending Sales
Inventory
Weekly Market Report
The yellow brick road to complete housing recovery has the trees whispering of rising home prices and low inventory. Luckily, these trees won’t throw apples at us. Even though improvements appear flat in nature as we progress through each month, year-over-year comparisons still show encouraging overall trends. The full splendor of Emerald City (and Emeraldville, Emeraldton, Emerald Township, etc.) is just a skip and a song away.
In the Twin Cities region, for the week ending May 24:
- New Listings increased 3.9% to 1,870
- Pending Sales decreased 3.0% to 1,294
- Inventory increased 5.6% to 15,957
For the month of April:
- Median Sales Price increased 7.5% to $196,158
- Days on Market decreased 9.3% to 88
- Percent of Original List Price Received decreased 0.1% to 95.9%
- Months Supply of Inventory increased 2.9% to 3.5
All comparisons are to 2013
Click here for the full Weekly Market Activity Report. From The Skinny.
May Monthly Skinny Video
Where has the Twin Cities real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity. Narrated by Cotty Lowry (2014 Treasurer, Minneapolis Area Association of REALTORS®), video produced by Chelsie Lopez.
Mortgage Rates Continue Down
Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) results released May 29 show average fixed mortgage rates falling for the fifth week in a row and hitting new lows for the year. The 30-year fixed-rate average is at its lowest point since the week of October 31, 2013.
Existing Home Sales
New Listings and Pending Sales
Inventory
Weekly Market Report
Higher prices gave sellers reason for optimism in early 2014. As prices stabilize, some are sensing the formation of a counter-trend. Silly rabbits. Price alone does not determine the state of the housing market. Number of sales by housing segment, the types of households being formed and the availability of well-paying jobs all play important roles to housing health. As the summer months approach, things like inventory of homes for sale, new listings and number of days on market until sale, along with pricing, will help predict the direction of the housing market.
In the Twin Cities region, for the week ending May 17:
- New Listings increased 10.0% to 2,039
- Pending Sales decreased 8.3% to 1,175
- Inventory increased 4.1% to 15,432
For the month of April:
- Median Sales Price increased 7.5% to $196,129
- Days on Market decreased 8.2% to 89
- Percent of Original List Price Received decreased 0.1% to 95.9%
- Months Supply of Inventory increased 2.9% to 3.5
All comparisons are to 2013
Click here for the full Weekly Market Activity Report. From The Skinny.