Weekly Housing Market Activity Report for the Twin Cities

Weekly Housing Market Activity Report for the Twin Cities

For Week Ending November 2, 2019 Quick Facts
Publish Date: November 11, 2019 • All comparisons are to 2018
This week the Federal Reserve reduced its benchmark rate for the third time thisyear. This action was widely anticipated by the market and mortgage rates rose for
the third consecutive week. Despite the recent rise, rates still remain approximately
one percent lower than a year ago, which has a substantial effect on buying power.
Also this week, a TransUnion analysis predicts a surge of additional first-time
homebuyers will enter the market between 2020 and 2022, climbing from 7.6 million
buyers in the 2016-2018 period to 8.3-9.2 million in the 2020-2022 period.
In the Twin Cities region, for the week ending November 2:
• New Listings increased 9.2% to 1,223
• Pending Sales increased 3.3% to 1,043
• Inventory decreased 5.5% to 11,917
For the month of September:
• Median Sales Price increased 6.8% to $279,900
• Days on Market increased 2.4% to 43
• Percent of Original List Price Received increased 0.1% to 98.5%
• Months Supply of Homes For Sale decreased 3.7% to 2.6
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