Weekly Housing Market Activity Report for the Twin Cities

Weekly Housing Market Activity Report for the Twin Cities

For Week Ending August 29, 2020 Quick Facts
Publish Date: September 7, 2020 • All comparisons are to 2019

Mortgage rates continue to remain near all-time lows. This week, mortgage giant
Freddie Mac reported that average rates on a 30-year fixed-rate mortgage were
2.91% with an average of .8 points, just slightly above the record-low rate of
2.88% recorded earlier in the month. The Federal Reserve has announced that
they will be adopting a more flexible monetary policy in an effort to achieve
inflation that averages 2% over time, which is likely to keep mortgage rates low
and provide further support to economic activity for an extended period of time.
In the Twin Cities region, for the week ending August 29:
• New Listings increased 24.2% to 1,730
• Pending Sales increased 18.0% to 1,540
• Inventory decreased 30.7% to 9,094
For the month of July:
• Median Sales Price increased 10.6% to $313,000
• Days on Market increased 7.9% to 41
• Percent of Original List Price Received increased 0.5% to 100.1%
• Months Supply of Homes For Sale decreased 26.9% to 1.9