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November 2024

Team Donna Vanneste

Archives for November 2024

The 30-Year Fixed-Rate Mortgage Inches Down

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November 27, 2024
The 30-year fixed-rate mortgage moved down this week, but not by much. Rates have been relatively flat over the last few weeks as the market waits for more clarity on specific economic policies. Potential homebuyers are also waiting on the sidelines, causing demand to be lackluster. Despite the low sales activity, inventory has only modestly improved and remains dramatically undersupplied.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending November 16, 2024

The number of homes available for sale hit its highest level since December 2019, rising 29.2% year-over-year in October, the 12th consecutive month of growth, according to Realtor.com. Homes spent an average of 58 days on market, three more days than the previous month and eight more days than the same time last year, giving buyers more time and more options in their home search.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING NOVEMBER 16:

  • New Listings increased 5.1% to 1,002
  • Pending Sales increased 7.0% to 777
  • Inventory increased 6.4% to 9,614

FOR THE MONTH OF OCTOBER:

  • Median Sales Price increased 4.1% to $380,000
  • Days on Market increased 21.6% to 45
  • Percent of Original List Price Received decreased 0.7% to 97.8%
  • Months Supply of Homes For Sale increased 8.0% to 2.7

All comparisons are to 2023

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

Mortgage Rates Tick Up

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November 21, 2024
Mortgage rates ticked back up this week, continuing to approach 7 percent. Heading into the holidays, purchase demand remains in the doldrums. While for-sale inventory is increasing modestly, the elevated interest rate environment has caused new construction to soften.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending November 9, 2024

U.S. pending home sales increased 7.4% month-over-month and 2.6% year-over-year, as falling mortgage rates in August and September helped under contract sales rise to their highest level since March, according to the National Association of REALTORS®. Pending sales were up in all four regions of the country, with the West posting the highest monthly gain at 9.8%.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING NOVEMBER 9:

  • New Listings increased 1.2% to 1,004
  • Pending Sales increased 15.0% to 721
  • Inventory increased 7.1% to 9,802

FOR THE MONTH OF OCTOBER:

  • Median Sales Price increased 4.1% to $380,000
  • Days on Market increased 21.6% to 45
  • Percent of Original List Price Received decreased 0.7% to 97.8%
  • Months Supply of Homes For Sale increased 8.0% to 2.7

All comparisons are to 2023

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

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