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December 5, 2024
This week, mortgage rates decreased to their lowest level in over a month. Despite just a modest drop in rates, consumers clearly have responded as purchase demand has noticeably improved. The responsiveness of prospective homebuyers to even small changes in rates illustrates that affordability headwinds persist.
U.S. homeowners with a mortgage have seen their equity increase by a total of $1.3 trillion since the second quarter of 2023, an 8% increase year-over-year, according to CoreLogic’s Q2 2024 Homeowner Equity Insights report. In that time, the average homeowner gained approximately $25,000 in equity, with Maine, California, and New Jersey homeowners seeing the largest average equity gains in the nation.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING NOVEMBER 23:
New Listings increased 69.2% to 856
Pending Sales increased 43.6% to 771
Inventory increased 6.5% to 9,414
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
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.
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
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.