Archives for February 2024

Mortgage Rates Increase for the Fourth Consecutive Week

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February 29, 2024
Mortgage rates continued their ascent this week, reaching a two-month high and flirting with seven percent yet again. The recent boomerang in rates has dampened already tentative homebuyer momentum approaching the spring, a historically busy season for homebuying. While sales of newly built homes are trending in a positive direction, higher rates and elevated prices continue to pose affordability challenges that may leave potential homebuyers on the sidelines.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending February 17, 2024

Housing inventory improved for the third month in a row, with the number of homes actively for sale in January increasing 7.9% year-over-year, according to Realtor.com’s January 2024 Monthly Housing Market Trends Report. Lower mortgage rates appear to have brought some sellers back to the market, as the number of newly listed homes rose 2.8% year-over-year. While this is good news for prospective homebuyers, the supply of homes for sale remains down compared to typical 2017 – 2019 levels.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 17:

  • New Listings increased 14.7% to 1,090
  • Pending Sales increased 11.2% to 792
  • Inventory increased 4.9% to 6,451

FOR THE MONTH OF JANUARY:

  • Median Sales Price increased 3.1% to $352,500
  • Days on Market decreased 8.2% to 56
  • Percent of Original List Price Received increased 0.7% to 96.7%
  • Months Supply of Homes For Sale increased 28.6% to 1.8

All comparisons are to 2023

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

Mortgage Rates Continue to Rise, Nearing Seven Percent

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February 22, 2024
Strong incoming economic and inflation data has caused the market to re-evaluate the path of monetary policy, leading to higher mortgage rates. Historically, the combination of a vibrant economy and modestly higher rates did not meaningfully impact the housing market. The current cycle is different than historical norms, as housing affordability is so low that good economic news equates to bad news for homebuyers, who are sensitive to even minor shifts in affordability.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending February 10, 2024

Seller profits declined for the first time since 2011, according to ATTOM’s Year-End 2023 U.S. Home Sales Report, which found that home sellers made a $121,000 profit on the sale of a median-priced single-family home in 2023, resulting in a 56.5% return on investment year-over-year. This is a slight drop from 2022, when home sellers made $122,600 on the sale of a typical single-family home, for a 59.8% return on investment. Despite the decline, however, seller profits and profit margins remained near record levels last year.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 10:

  • New Listings increased 18.4% to 1,061
  • Pending Sales increased 6.1% to 760
  • Inventory increased 3.5% to 6,355

FOR THE MONTH OF JANUARY:

  • Median Sales Price increased 3.2% to $353,035
  • Days on Market decreased 8.2% to 56
  • Percent of Original List Price Received increased 0.7% to 96.7%
  • Months Supply of Homes For Sale increased 21.4% to 1.7

All comparisons are to 2023

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

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