For Week Ending June 27, 2020
The National Association of REALTORS® shared in their latest REALTORS® Confidence Index Survey of more than 4,000 members that there were nearly three offers for every home sold in May, which is up from a little more than two offers for every sold home in the April survey. Buyer activity, seen in both showings and Pending Sales, has been strong while seller activity, seen in New Listings, has lagged a bit, suggesting that multiple offer situations continue to be common and will likely remain so in the coming weeks.
In the Twin Cities region, for the week ending June 27:
- New Listings decreased 16.9% to 1,612
- Pending Sales increased 3.1% to 1,606
- Inventory decreased 25.0% to 9,705
For the month of May:
- Median Sales Price increased 3.5% to $294,900
- Days on Market decreased 8.9% to 41
- Percent of Original List Price Received decreased 0.4% to 99.6%
- Months Supply of Homes For Sale decreased 16.0% to 2.1
All comparisons are to 2019
July 2, 2020
Mortgage rates continue to slowly drift downward with a distinct possibility that the average 30-year fixed-rate mortgage could dip below 3 percent later this year. On the economic front, incoming data suggest the rebound in economic activity has paused in the last couple of weeks with modest declines in consumer spending and a pullback in purchase activity.
Information provided by Freddie Mac.