As we near the end of the year, overall real estate activity slows as many buyers and sellers briefly turn their focus from real estate to the holidays, family, and friends. With mortgage rates closing the year at near record lows, and almost one percent lower than a year ago, home purchase mortgage loan application volume remains high and continues to signal strong buyer demand going into the new year.
In the Twin Cities region, for the week ending December 26:
- New Listings increased 22.0% to 338
- Pending Sales increased 17.0% to 593
- Inventory decreased 37.9% to 5,777
For the month of November:
- Median Sales Price increased 10.7% to $310,000
- Days on Market decreased 33.3% to 34
- Percent of Original List Price Received increased 2.8% to 100.2%
- Months Supply of Homes For Sale decreased 40.9% to 1.3
All comparisons are to 2019
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.