Weekly Housing Market Activity Report for the Twin Cities

Weekly Housing Market Activity Report for the Twin Cities

For Week Ending December 14, 2019
Publish Date: December 23, 2019 • All comparisons are to 2018

#MapleGroveRealEstate

This week the Federal Reserve, in its final meeting of the year, voted to leave its key
benchmark rate unchanged, which was widely expected. The Fed also suggested
that rate changes are unlikely in the coming months. While the rate decisions by the
Federal Reserve do not directly affect mortgage rates, Federal Reserve policy does
affect the economic markets overall. While mortgage rates have trended up slightly
in recent weeks, they remain nearly one percent lower than a year ago. Fed Chair
Jerome Powell was upbeat on the economy going forward: "with a strong
household sector and supportive monetary and financial conditions, we expect
moderate growth to continue.”
In the Twin Cities region, for the week ending December 14:
• New Listings decreased 4.1% to 696
• Pending Sales decreased 0.5% to 744
• Inventory decreased 10.0% to 9,399
For the month of November:
• Median Sales Price increased 5.6% to $279,900
• Days on Market decreased 1.9% to 51
• Percent of Original List Price Received increased 0.2% to 97.5%
• Months Supply of Homes For Sale decreased 9.1% to 2.0