Nita Morlock

New Listings and Pending Sales

U.S. pending home sales slipped 4.6% month-over-month and 5.2% year-over-year, according to the National Association of Realtors®. Economists polled by Reuters had forecast contract signings falling 1.3% for the month. Pending sales decreased on a monthly basis in the Midwest, South, and West but increased slightly in the Northeast, with sales down in all four regions year-over-year.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 1:

New Listings increased 4.1% to 1,277
Pending Sales decreased 0.7% to 845
Inventory decreased 0.9% to 7,094

FOR THE MONTH OF JANUARY:

Median Sales Price increased 5.0% to $370,000
Days on Market increased 17.9% to 66
Percent of Original List Price Received increased 0.3% to 96.9%
Months Supply of Homes For Sale remained flat at 1.9

All comparisons are to 2024

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

Mortgage Rates Continue to Fall

March 6, 2025
As the spring homebuying season gets underway, the 30-year fixed-rate mortgage saw the largest weekly decline since mid-September. The decline in rates increases prospective homebuyers’ purchasing power and should provide a strong incentive to make a move. Additionally, this decline in rates is already providing some existing homeowners the opportunity to refinance. In fact, the refinance share of market mortgage applications released this week reached nearly 44%, the highest since mid-December.

Information provided by Freddie Mac.

New Listings and Pending Sales

Inventory

Mortgage Rates Continue to Drop

February 27, 2024
This week, mortgage rates decreased to their lowest level in over two months. The drop in mortgage rates, combined with modestly improving inventory, is an encouraging sign for consumers in the market to buy a home.

Information provided by Freddie Mac.