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May 18, 2020 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report Week Ending May 9 This week ATTOM Data Solutions released their Q1 2020 U.S. Home Equity and Underwater Report, showing that just over one in four homeowners have at least 50% equity in their homes. The Mortgage Bankers Association reported that mortgage applications were up again last week, which is further sign of strengthening buyer interest as much of… Read More
May 11, 2020 | Tags: COVID-19Market DataWeekly Market Activity Reports Market Impact of CV-19 | 05-11-2020 Hello and thanks for joining us on another weekly data adventure where we track the impact of COVID on the residential housing market. This week we'll feature information from our weekly report as well as some of our showings trends and buyer and seller activity by price point. We reached a major milestone in overall… Read More
May 11, 2020 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report Week Ending May 2 The Mortgage Bankers Association reported a 12% increase in mortgage applications last week, reversing a trend of falling activity due to the COVID-19 pandemic. While a positive sign of buyer interest and future home buying activity, application volume was still 20% lower than a year ago. Initial unemployment claims came in at a little more… Read More
May 4, 2020 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report for Week Ending April 25 While the initial unemployment insurance claims number was down from last week, claims remain at a high level with over 4.4 million people filing for the first time in the latest Department of Labor report. Weekly initial claims are likely to continue to decrease in coming weeks while still remaining significantly elevated. Mortgage rates have… Read More
April 29, 2020 | Tags: AnnouncementsCommunityMarket DataPress ReleasesWeekly Market Activity Reports Media Contacts and Resource Media Inquiries Telly Mamayek, VP of Communications and Engagement O: 952.988.3138  C: 952.594.5672 TellyM@mplsrealtor.com Market Data David Arbit, Director of Research and Economics 952.988.3150 DavidA@mplsrealtor.com Logos and Usage Guidelines REALTOR® Logo REALTOR® Logo Guidelines Minneapolis Area REALTORS® Logo Minneapolis Area REALTORS® Style Guide     Read More
April 27, 2020 | Tags: Weekly Market Activity Reports Weekly Market Activity Report for Week Ending April 18 The Department of Labor's initial jobless claims report released April 16 showed 5,245,000 new weekly claims, which is a decrease of nearly 1.4 million from last week. New initial claims are expected to continue to decline but still remain at high levels in the next few weeks. This week the Commerce Department reported new construction… Read More
April 20, 2020 | Tags: Weekly Market Activity Reports Weekly Market Activity Report for Week Ending April 11 This week's initial jobless claims report from the Department of Labor showed another 6.6 million workers filed last week and revised the prior week's claims up by 219,000 to nearly 6.9 million. Millions of additional initial jobless claims are likely to be reported in the next few weeks as the full impact of shelter-in-place policies… Read More
April 13, 2020 | Tags: Weekly Market Activity Reports Weekly Market Activity Report for Week Ending April 4 More than 6.6 million workers filed for unemployment benefits last week according to the latest report by the Labor Department, on top of the 3.3 million that filed for unemployment the week prior. High levels of unemployment filings are expected to continue in the coming weeks as businesses remain shuttered and shelter in place orders… Read More
April 6, 2020 | Tags: Weekly Market Activity Reports Weekly Market Activity Report for Week Ending March 28 This week was heavily influenced by the ongoing impacts from the spread of COVID19. Washington passed a $2.2 trillion stimulus package and news broke that 3.28 million people filed for unemployment benefits last week—nearly five times the previous weekly record. As more businesses temporarily close due to the growing outbreak, even higher unemployment filings are… Read More
March 30, 2020 | Tags: Weekly Market Activity Reports Weekly Market Activity Report for Week Ending March 21 This week Fannie Mae, Freddie Mac, and the FHA suspended all foreclosures and evictions for 60 days in response to the continued COVID-19 outbreak. Further, the Federal Housing Finance Agency (FHFA) annouced that borrowers with loans backed by Fannie Mae and Freddie Mac who face financial difficulties due to COVID-19 may be able to suspend… Read More
March 24, 2020 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report for Week Ending March 14 and the Week of March 15   For the most recent market numbers, please see the post: Measuring the Impact of COVID-19 on Twin Cities Residential Housing Market. After hitting a record low last week, rates on 30-year fixed-rate mortgages rose slightly this week according to Freddie Mac. A combination of an increase in rates in the bond market and high… Read More
March 10, 2020 | Tags: Weekly Market Activity Reports Weekly Market Activity Report for Week Ending February 29 The U.S. Commerce Department reported this week that new-home sales rose 7.9% in January to a seasonally adjusted annual rate of 764,000 units, which is 18.6% higher than a year ago and the highest monthly sales pace since July 2007. While new-home sales are increasing, new-home inventories fell 6.6% from a year ago and are… Read More
March 2, 2020 | Tags: Weekly Market Activity Reports Weekly Market Activity Report for Week Ending February 22 The ShowingTime Showing Index® for January saw a 20.2 percent year-over-year increase in showing traffic nationwide. All regions of the country were up doubledigits from the year before, with the Midwest Region up 15.7 percent and the West Region, up 34.1 percent. As showing activty is a leading indicator for future home sales, the 2020… Read More
February 24, 2020 | Tags: Weekly Market Activity Reports Weekly Market Activity Report for Week Ending February 15 According to the latest REALTORS® Confidence Index Survey of more than 8,000 real estate respondents, one in four home sales faced a settlement delay in December 2019. Seventy-one percent closed on time and four percent were canceled altogether. The biggest reasons cited for a delayed closing were issues related to financing (37%), appraisal issues (19%),… Read More
February 18, 2020 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report for Week Ending February 8 The impact of the spread of Coronavirus continues to grow as the 30-year fixedrate mortgage fell to 3.51% last week. Lawrence Yun, chief economist at the National Association of REALTORS®, explained that the upper-end of the housing market may soften with the temporary loss of Chinese buyers. "China has been the most important source of… Read More
February 11, 2020 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report for Week Ending February 1 A newly released report from the U.S. Census Bureau shows in Q4 2019 the national homeownership rate rose to 65.1%. This is the highest level since Q3 2013 when the homeownership rate was 65.3%. For perspective, the national homeownership rate since 2000 peaked at 69.1% in Q1 2005 and was at its lowest at 62.9%… Read More
February 3, 2020 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report for Week Ending January 25 CoreLogic's latest Single-Family Rent Index report saw the cost of renting single-family homes, including condos, up 3% in November 2019 compared to November 2018. According to the report, rent prices started climbing in 2010 and have stabilized around an annualized rate of 3% since early 2019. With the cost of rent continuing to trend upward,… Read More
January 22, 2020 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report for Week Ending January 11, 2020 Freddie Mac reported that the average 30-year fixed-rate mortgage dropped to 3.64% this week, the lowest level in three months and down from 4.45% one year ago. Additionally, conforming and FHA loan limits have increased for 2020. Increased loan limits coupled with low rates, will give more buyers the ability to purchase a wider range… Read More
January 14, 2020 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending January 4, 2020 With the start of the New Year, the real estate market turns more active across most of the country. Sellers connect with agents, resulting in a pop of new listings, followed by renewed interest by buyers, which leads to an increase in pending sales. This pattern is seen every year and 2020 should be no… Read More
January 7, 2020 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending December 28, 2019 Data from the Census Bureau's Survey of Construction (SOC) and the NationalAssociation of Home Builders shows that 62.5 percent of all new construction homes started in 2018 were built as part of a community or homeowner's association, up from 47.6% in 2009. These associations are typically created when the developments are built to maintain common… Read More
December 9, 2019 | Tags: Weekly Market Activity Reports Weekly Market Activity Report For Week Ending November 30, 2019 Please note that due to when the Thanksgiving holiday fell from 2018 to 2019, the year-over-year changes in the current weekly report may appear more extreme than expected. For Week Ending November 30, 2019 Americans across the country sat down to Thanksgiving with friends and family this week. Real estate activity took a backseat to… Read More
December 2, 2019 | Tags: Weekly Market Activity Reports Weekly Market Activity Report For Week Ending November 23, 2019 Please note that due to when the Thanksgiving holiday fell from 2018 to 2019, the year-over-year changes in the current weekly report may appear more extreme than expected. For Week Ending November 23, 2019 Residential new construction activity continues to rise nationally. The U.S. Commerce Department reports that new housing permits rose 5% in October… Read More
November 25, 2019 | Tags: Weekly Market Activity Reports Weekly Market Activity Report For Week Ending November 16, 2019 For Week Ending November 16, 2019 In the Federal Housing Administration's 2019 Annual Report to Congress, the FHA announced their Mutual Mortgage Insurance Fund Capital Ratio stood at 4.84%, up from 2.76% last year and well above the 2% minimum required by Congress. This has prompted the National Association of REALTORS® to advocate for a… Read More
November 18, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending November 9, 2019 For Week Ending November 9, 2019 With the stock market reaching record highs, continued low unemployment, and low mortgage rates, many signs in the US economy remain strong. However, total household debt has been rising for twenty-one consecutive quarters and is now $1.3 trillion higher than the previous peak of $12.68 trillion in 2008. While… Read More
November 11, 2019 | Tags: Weekly Market Activity Reports Weekly Market Activity Report For Week Ending November 2, 2019 For Week Ending November 2, 2019 This week the Federal Reserve reduced its benchmark rate for the third time this year. 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… Read More
November 4, 2019 | Tags: Weekly Market Activity Reports Weekly Market Activity Report For Week Ending October 26, 2019 For Week Ending October 26, 2019 A new Census report this week announced that new construction home sales nationwide decreased slightly to a seasonally adjusted rate of 701,000 units, which is 15.5% higher than a year ago. Also in the announcement was news that the median sales price of new construction homes declined to $299,440… Read More
October 28, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending October 19, 2019 For Week Ending October 19, 2019 While the U.S. Commerce Department reported that total housing starts dropped 9.4% month over month in September, that drop was focused on the apartment and condo segment while single-family housing starts actually rose .3%. Throughout much of the country, the continued low level of housing inventory is constraining sales… Read More
October 21, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending October 12, 2019 For Week Ending October 12, 2019 In the last month, mortgage rates have fallen to their lowest monthly average in more than three years, and now Fannie Mae is predicting that continued low rates, and possibly lower rates, are expected in 2020. These historically low mortgage rates have and will continue to support buyer demand… Read More
October 14, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending October 5, 2019 For Week Ending October 5, 2019 With the 30-year fixed-rate mortgage approximately one percentage point lower than a year ago according to Freddie Mac, buyers are actively taking advantage. Home refinancing is also going strong and overall mortgage demand, which includes purchase mortgages as well as refinancings, is up 50% from a year ago. Lower… Read More
October 7, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending September 28, 2019 For Week Ending September 28, 2019 The Commerce Department reported sales of newly built homes nationwide have surged 18% compared to a year ago and housing starts and building permits reached a 12-year high in August. This surge in both sales and new construction shows strong market confidence by both buyers and builders. However, further… Read More
September 30, 2019 | Tags: Weekly Market Activity Reports Weekly Market Activity Report For Week Ending September 21, 2019 For Week Ending September 21, 2019 This week the National Association of REALTORS® reported that nationally, August existing-home sales rose 2.6% from a year ago. Additionally, the Federal Reserve announced a rate cut for the second time in seven weeks, though this was widely expected and largely factored into mortgage rates already. A strong economy… Read More
September 23, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending September 14, 2019 For Week Ending September 14, 2019 With kids back in school and the weather beginning to cool, the housing market begins its annual cooldown as well. With buyer and seller activity remaining strong, it will be at a little more relaxed pace than during the late spring and summer. While Halloween decorations may be adorning… Read More
September 16, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending September 7, 2019 For Week Ending September 7, 2019 The White House has released a plan to broadly overhaul the housing finance system, including the re-privatization of Fannie Mae and Freddie Mac and reforms to federal agencies involved with financing substantial portions of the mortgages made every year. These changes will affect the cost and availability of loans… Read More
September 9, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending August 31, 2019 For Week Ending August 31, 2019 Recent mortgage rate declines may provide a small tailwind as we enter the fall housing market, giving buyers a bit more buying power and a little more incentive to lock in a home purchase. However, stock market volatility and concern of a wider economic slowdown in the coming year… Read More
September 3, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending August 24, 2019 For Week Ending August 24, 2019 Lack of affordable inventory has been a key story in real estate in the last few years. There is a growing consensus suggesting the U.S. economy could be entering a recession, and some wonder whether this could lead to an adjustment in housing prices. However, this scenario is unlikely… Read More
August 26, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending August 17, 2019 For Week Ending August 17, 2019 As families across the U.S. enjoy the last few weeks of summer before the start of the school year, it seems that the real estate market is seeing an infusion of new energy that is partially offsetting the expected seasonal slowdown. Further decreases in housing inventory and month's supply… Read More
August 19, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending August 10, 2019 For Week Ending August 10, 2019 As July data roll in, more economists wonder whether we are seeing the signs of an economic slowdown. Yet that would not necessarily imply a slowdown in the housing market. While July's existing home sales fell below analyst expectations, consumer confidence in housing reached new highs as mortgage rates… Read More
August 12, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending August 3, 2019 For Week Ending August 3, 2019 While financial markets are becoming more volatile in recent weeks, national and regional real estate indicators are sending mixed signals. For the first time in seventeen months, July pending sales saw moderate gains over the previous year nationally. At the same time, home prices continue to be at or… Read More
August 5, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending July 27, 2019 For Week Ending July 27, 2019 As we await July results, the June numbers and preliminary July indicators suggest that current trends in most real estate markets are likely to continue. Mid-to-lower priced segments continue to experience imbalances favoring sellers, leading to steady year-over-year increases in price, outpacing inflation in many markets. Although the Fed… Read More
July 29, 2019 | Tags: Weekly Market Activity Reports Weekly Market Activity Report For Week Ending July 20, 2019 For Week Ending July 20, 2019 Residential real estate markets across the nation have been performing quite well at this point in the year in terms of home sales, price and inventory. Although not always true at every price point and home type in every geography, the general rule of thumb in 2019 as we… Read More
July 22, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending July 13, 2019 For Week Ending July 13, 2019 Every year during the week of Independence Day, real estate markets across the country slow down as buyers, sellers and real estate professionals take some time off during the height of summer to spend time with friends and family. This year continued that tradition, except that new listings declined… Read More
July 15, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending July 6, 2019 For Week Ending July 6, 2019 The order of the day is market balance between buyer and seller interests. While true that there may not be as many homes for sale to choose from and that prices are on the high end for the average first-time home buyer, there are considerations for sellers as well.… Read More
July 8, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending June 29, 2019 For Week Ending June 29, 2019 The summer selling season is progressing with plenty of buying and selling activity thus far, thanks to a healthy economy that has consumers willing to spend their hard-earned money on the things they desire, even if it's more expensive than it was a few years ago. This has proven… Read More
July 1, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending June 22, 2019 For Week Ending June 22, 2019 Persistently low mortgage rates and slower price increases have combined with economic growth, low unemployment, wage improvement and consumer confidence to keep home buyers in the market, despite insufficient supply. Builders have not made enough new homes for several years, and, thus, national housing inventory is extremely tight. The… Read More
June 24, 2019 | Tags: Weekly Market Activity Reports Weekly Market Activity Report For Week Ending June 15, 2019 For Week Ending June 15, 2019 As anticipated, the Federal Reserve did not change the target range for the federal funds rate (currently set at 2.25% to 2.5%) during their most recent meeting, but the door was left open for a possible rate reduction in 2019 following a string of increases over the last several… Read More
June 18, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending June 8, 2019 For Week Ending June 8, 2019 In terms of relative balance between buyer and seller interests, residential real estate markets across the country continue to perform well on a stage that includes actors such as heightened consumer confidence, wage increases, low unemployment and an economic expansion that is on the verge of being the longest… Read More
June 10, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending June 1, 2019 For Week Ending June 1, 2019 Despite home prices that seem to be creeping ever upward like unchecked crabgrass, pending sales have been performing well, and new listings are generally keeping up with demand in a manner that is propelling the housing industry forward into weed-free pastures. The Federal Reserve considers 2.0% a healthy inflation… Read More
June 3, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending May 25, 2019 For Week Ending May 25, 2019 The venerable open house is a home-selling marketing tactic that is as old as the business of real estate. Put arrow signs up on busy street corners; buy some balloons; lay out flyers and snacks; welcome the stream of curious lookie-loos that traipse through the home. Many REALTORS® skip… Read More
May 28, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending May 18, 2019 For Week Ending May 18, 2019 There is a stillness in the air during this spring's housing market, and not the foreboding kind that precedes a scary moment in a horror film or a major weather event, but rather a sameness to the springs of the last few years. Prices are still edging upwards and… Read More
May 20, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending May 11, 2019 For Week Ending May 11, 2019 There is no such thing as a national real estate market. When the median sales price of homes for sale in San Francisco ($1.6 million) are compared to the median annual household income in Youngstown, Ohio ($26,295), it is especially evident. National news outlets will report on housing stories… Read More
May 13, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending May 4, 2019 For Week Ending May 4, 2019 The national chatter over the past couple of weeks has been about royal babies, exciting NBA and NHL playoff games, heightened talk of higher tariffs for China, lackluster tech IPOs and, of course, who will sit on the Iron Throne. Mixed in with those conversations have been thousands of… Read More
May 6, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Activity Report For Week Ending April 27, 2019 For Week Ending April 27, 2019 The national unemployment rate dropped to 3.6 percent during April 2019, the lowest level since 1969. A historically low unemployment rate can provide reassurance to wary consumers. But in order for sales to increase on a grand scale, buyers will need more spending power, or sellers will need to… Read More
April 29, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending April 20, 2019 For Week Ending April 20, 2019: Despite one of the latest snowfalls in recent memory in places like North Dakota, Idaho, Colorado, Wisconsin and Illinois, among other Western and Midwestern states, house hunters in these locales and other warmer places do not seem particularly phased by wintry or wet weather. The spring market has sprung,… Read More
April 22, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending April 13, 2019 For Week Ending April 13, 2019 Housing activity is on the upswing after a slow start to the year. Showings, new listings and pending sales are increasing across much of the country, and inventory is straining to keep pace with demand. These pivotal weeks of the spring market are worth watching with extra care, as… Read More
April 15, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending April 6, 2019 For Week Ending April 6, 2019 New listings finally started to perk up across the nation last week, effectively launching residential real estate into the springtime selling season. Much has been said and written about the slow launch of new homes for sale in what was anticipated to be a year of rising inventory. Mother… Read More
April 8, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending March 30, 2019 For Week Ending March 30, 2019 The national unemployment rate held firm at 3.8 percent for the second month in a row, which is good news for an economy that has shown signs of slowing down during the first three months of 2019. Hiring and wage gains have both been below expectations, retail sales dropped… Read More
April 1, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending March 23, 2019 For Week Ending March 23, 2019 As new listings continue to fail to gain traction and inventory struggles to keep pace with the already low figures from last year, one begins to wonder if the U.S. is poised for a real estate slowdown. Some observers are seeing this as an inevitability, as investors price out… Read More
March 25, 2019 | Tags: AnnouncementsMarket DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending March 16, 2019 For Week Ending March 16, 2019 The Federal Reserve recently announced that interest rates will remain steady and that further rate hikes are not planned for 2019. Given that the federal funds rate has increased nine times over the past three years, this is welcome news for consumers carrying high credit card balances. The overall… Read More
March 18, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report: For Week Ending March 9, 2019 For Week Ending March 9, 2019 New listings and overall housing inventory are still proceeding slower than last year in many markets across the U.S., and they are mostly trailing activity for last year, which was already rather low. Sales have also been slower than last year at this time in areas with lingering winter… Read More
March 11, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report For Week Ending March 2, 2019 For Week Ending March 2, 2019 Sales totals have been mixed across the nation and dependent on what has been a considerably persistent wintry mix in the Great Plains, Midwest and Northeast. While this time of year brings unpleasant weather to all parts of the country, it has less impact on southern and western states.… Read More
March 4, 2019 | Tags: Market DataWeekly Market Activity Reports Weekly Market Activity Report: Week Ending February 23, 2019 For Week Ending February 23, 2019 Two years ago, Millennials (born between 1981 and 1996) passed older generational groups to account for the most new mortgages. Today, Millennials also account for the most total dollar amount of those mortgages. Given the state of ongoing median sales price increases in the majority of the country, this… Read More