Team Donna Vanneste

Mortgage Rates Reach Highest Point Since July

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January 2, 2024
Inching up to just shy of seven percent, mortgage rates reached their highest point in nearly six months. Compared to this time last year, rates are elevated and the market’s affordability headwinds persist. However, buyers appear to be more inclined to get off the sidelines as pending home sales rise.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending December 21, 2024

New-home purchases accounted for 15% of home sales over the past year, the
highest share since 2007, while existing-home purchases accounted for 85%,
according to a recent report from the National Association of REALTORS®. Among
new-home buyers, 42% were most often looking to avoid renovations and
problems with mechanical systems, while 31% of existing-home buyers felt
previously owned homes represented a better overall value.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 21:

  • New Listings decreased 1.0% to 477
  • Pending Sales increased 3.1% to 605
  • Inventory increased at 7,832

FOR THE MONTH OF NOVEMBER:

  • Median Sales Price increased 3.4% to $375,000
  • Days on Market increased 25.0% to 50
  • Percent of Original List Price Received increased 0.2% to 97.6%
  • Months Supply of Homes For Sale remained flat at 2.3

All comparisons are to 2023

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

Mortgage Rates Continue to Rise

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December 26, 2024
Mortgage rates increased for the second straight week, rebounding after a decline from earlier this month. While a slight improvement in new and existing home sales is encouraging, the market remains plagued by an overwhelming undersupply of homes. A strong economy can help build momentum heading into the new year and potentially boost purchase activity.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending December 14, 2024

For the first time in 10 years, the U.S. real median gross cost of renting—rent, plus the average monthly cost of utilities and fuel, adjusted for inflation—grew faster than median home values on an annual basis in 2023, rising 3.8% compared to 1.8%, according to the 2023 American Community Survey. The median gross rent rose from $1,354 in 2022 to $1,406 in 2023, with renters spending 31% of their income on rent and utilities.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 14:

  • New Listings increased 16.3% to 729
  • Pending Sales increased 5.3% to 641
  • Inventory increased 2.3% to 8,249

FOR THE MONTH OF NOVEMBER:

  • Median Sales Price increased 3.4% to $375,000
  • Days on Market increased 25.0% to 50
  • Percent of Original List Price Received increased 0.2% to 97.6%
  • Months Supply of Homes For Sale remained flat at 2.3

All comparisons are to 2023

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

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