Christine Hazel

Weekly Market Report

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For Week Ending January 9, 2021

The Mortgage Bankers Association’s (MBA) latest Forbearance and Call Volume Survey reported that 5.53% of mortgage loans remained in forbearance as of December 27, 2020. While the forbearance rate is down significantly from its highest levels in 2020, the MBA estimates the current rate represents 2.7 million homeowners currently in forbearance plans.

In the Twin Cities region, for the week ending January 9:

  • New Listings decreased 8.3% to 927
  • Pending Sales increased 1.3% to 636
  • Inventory decreased 39.8% to 5,098

For the month of December:

  • Median Sales Price increased 10.0% to $307,000
  • Days on Market decreased 30.4% to 39
  • Percent of Original List Price Received increased 2.5% to 99.7%
  • Months Supply of Homes For Sale decreased 47.1% to 0.9

All comparisons are to 2020

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

Mortgage Rates Tick Up

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January 14, 2021
As Treasury yields have risen, it is putting pressure on mortgage rates to move up. While mortgage rates are expected to increase modestly in 2021, they will remain inarguably low, supporting homebuyer demand and leading to continued refinance activity. Borrowers are smart to take advantage of these low rates now and will certainly benefit as a result.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending January 2, 2021

The New Year has begun and with it, many buyers and sellers have a change of housing in their new year resolutions. While ongoing unemployment claims are still elevated, it is less than one quarter of what it was at its high during the early days of the pandemic. With interest rates remaining near record lows, the stock market near record highs, and inventory of homes available still constrained in most segments of the market, the year is setting up to be another filled with strong demand and limited supply.

In the Twin Cities region, for the week ending January 2:

  • New Listings decreased 25.8% to 519
  • Pending Sales increased 17.0% to 653
  • Inventory decreased 38.1% to 5,511

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 2020

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

Mortgage Rates Hit a New Record Low the First Week of 2021

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January 7, 2021
A new year, a new record low mortgage rate. Despite a full percentage point decline in rates over the past year, housing affordability has decreased because these low rates have been offset by rising home prices. However, the forces behind the drop in rates have been shifting over the last few months and rates are poised to rise modestly this year. The combination of rising mortgage rates and increasing home prices will accelerate the decline in affordability and further squeeze potential homebuyers during the spring home sales season.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending December 26, 2020

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.