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November 7, 2024
Mortgage rates continued to inch up this week, reaching 6.79 percent. It is clear purchase demand is very sensitive to mortgage rates in the current market environment. As soon as rates began to rise in early October, purchase applications fell and over the last month have declined 10 percent.
Millennials—people ages 28 to 43—make up the largest share of homebuyers nationwide, according to the National Association of REALTORS® 2024 Home Buyers and Sellers Generational Trends Report. Millennials comprised 38% of buyers in transactions that occurred between July 2022 and June 2023, up from 28% the previous 12-month period. Meanwhile, baby boomers, who held the top spot among homebuyers last year at 39%, came in second place, accounting for 31% of all purchase transactions.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 26:
New Listings increased 10.2% to 1,112
Pending Sales increased 20.0% to 840
Inventory increased 9.9% to 10,239
FOR THE MONTH OF SEPTEMBER:
Median Sales Price increased 2.4% to $380,000
Days on Market increased 14.7% to 39
Percent of Original List Price Received decreased 0.8% to 98.5%
Months Supply of Homes For Sale increased 12.0% to 2.8
October 31, 2024
Increasing for the fifth consecutive week, mortgage rates reached their highest level since the beginning of August. With several potential inflection points happening over the next week, including the jobs report, the 2024 election, and the Federal Reserve interest rate decision, we can expect mortgage rates to remain volatile. Although uncertainty will remain, it does appear mortgage rates are cresting, and are not expected to reach the highs seen earlier this year.
The number of homes for sale continues to grow nationwide, with Realtor.com reporting there were 34% more homes actively for sale in September compared to the same time last year. This marks the 11th consecutive month of annual growth, with supply now at the highest level since April 2020. Despite the upward trend, however, inventory is 23.2% lower compared to typical 2017 – 2019 levels.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 19:
New Listings increased 2.4% to 1,215
Pending Sales increased 11.5% to 862
Inventory increased 10.6% to 10,257
FOR THE MONTH OF SEPTEMBER:
Median Sales Price increased 2.4% to $380,000
Days on Market increased 14.7% to 39
Percent of Original List Price Received decreased 0.8% to 98.5%
Months Supply of Homes For Sale increased 12.0% to 2.8
October 24, 2024
The continued strength in the economy drove mortgage rates higher once again this week. Over the last few years, there has been a tension between downbeat economic narrative and incoming economic data stronger than that narrative. This has led to higher-than-normal volatility in mortgage rates, despite a strengthening economy.