For Week Ending November 14, 2020

The Mortgage Bankers Association reported this week that mortgage credit availability increased in October, the first increase since July. Increasing credit availability means that lending standards are loosening, albeit slightly. Overall, credit availability increased for low credit scores and higher LTV loans, with convention credit supply increasing 5.1 percent, while government credit supply was effectively flat. Although the October increase was welcome news, credit availability remains near lows last seen in 2014.

In the Twin Cities region, for the week ending November 14:

• New Listings decreased 6.3% to 981
• Pending Sales increased 4.8% to 1,096
• Inventory decreased 32.3% to 8,004

For the month of October:

• Median Sales Price increased 12.5% to $315,000
• Days on Market decreased 23.9% to 35
• Percent of Original List Price Received increased 2.4% to 100.5%
• Months Supply of Homes For Sale decreased 36.0% to 1.6

All comparisons are to 2019

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

For Week Ending November 7, 2020

Realtor.com reported this week that, nationally, the inventory of homes for sale in October declined 38.3% from October 2019, continuing the long-term trend of limited housing availability. Continued buyer interest along with a limited supply of inventory are extending the season of multiple offers on hot properties into what is normally the slower selling season.

In the Twin Cities region, for the week ending November 7:

• New Listings increased 11.9% to 1,235
• Pending Sales increased 18.5% to 1,222
• Inventory decreased 31.4% to 8,298

For the month of October:

• Median Sales Price increased 12.5% to $315,000
• Days on Market decreased 23.9% to 35
• Percent of Original List Price Received increased 2.4% to 100.5%
• Months Supply of Homes For Sale decreased 36.0% to 1.6

All comparisons are to 2019

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

For Week Ending October 31, 2020

The U.S. Bureau of Economic Analysis released its estimate for the country’s Q3 2020 GDP, showing the U.S. gross domestic product grew at an annualized rate of 33.1% in the third quarter, reversing much of the decline from COVID-19 seen from the second quarter. However, economists caution it may take a year or more for the gross domestic product to reach its previous highs.

In the Twin Cities region, for the week ending October 31:

• New Listings decreased 6.4% to 1,161
• Pending Sales increased 14.7% to 1,246
• Inventory decreased 32.5% to 8,450

For the month of September:

• Median Sales Price increased 10.8% to $310,000
• Days on Market decreased 15.9% to 37
• Percent of Original List Price Received increased 2.0% to 100.5%
• Months Supply of Homes For Sale decreased 33.3% to 1.8

All comparisons are to 2019

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