Monthly Housing Market Update - April 18, 2024

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Twin Cities Weekly Market Activity Report - Week Ending February 1

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  At The Basil Group, we're celebrating our 27th years at your #1 Twin Cities Real Estate Brokerage! All data from NorthstarMLS. Provided by Minneapolis Area REALTORS®.   U.S. sales of existing homes totaled 4.06 million in 2024, down from 4.09 million the year before, according to the National Association of REALTORS®. Meanwhile, sales of new single-family homes grew for the second year in a row, with an estimated 683,000 units sold last year, a 2.5% increase from 2023, the U.S. Census Bureau reports. It looks like 2025 will be another impressive year for buying and selling Real Estate!   In the Twin Cities region, for the week ending February 1: • New Listings increased 4.5% to 1,029 • Pending Sales decreased 6.7% to 687 • Inventory decreased 1.9% to 6,844   For the month of December: • Median Sales Price increased 4.6% to $370,000 • Days on Market increased 9.8% to 56 • Percent of Original List Price Received increased 0.3% to 97.0% • Months...
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Mortgage Rates Just Saw Their Biggest Drop in a Year

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    You’ve been waiting for what feels like forever for mortgage rates to finally budge. And last week, they did – in a big way.   On Friday, September 5 th ,  the average 30-year fixed mortgage rate fell to the  lowest level  since October 2024. It was the biggest one-day decline in over a year.   What Sparked the Drop? According  to  Mortgage News Daily,  this was a reaction to the August jobs report, which came out weaker-than-expected for a second month in a row. That sent signals across the financial markets, and then mortgage rates came down as a result.   Basically, we're seeing signs the economy may be slowing down, and as certainty grows in the direction the economy is going, the markets are reacting to what is likely ahead. That historically brings mortgage rates down.   Why Buyers Should Pay Attention Now But this isn’t just about one day of headlines or one report. It’s about what the drop means for you.   This...
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   Confidence Index for buyers was flat from a year ago but up for sellers: 22% of respondents expect a year-over-year increase in buyer traffic in the next three months, down from 26% one month ago and flat from 22% one year ago. 22% of respondents expect a year-over-year increase in seller traffic in the next three months, down from 26% last month and up from 16% one year ago. With supply still limited relative to demand, 27% of homes sold above list price, down from last month (29%) and a year ago (33%): 68% of respondents reported that properties sold in less than one month, up from 60% a month ago and down from 73% in April 2023. Homes listed received an average of 3.2 offers, up from last month (3.1 offers) and from one year ago (3.1 offers). Due to the lack of housing inventory, the pace of the market, and the use of technology, 6% of buyers purchased a home based only on a virtual tour, showing, or open house without physically seeing the home. This is flat from 6% one...
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