Consumer credit scores have risen since the beginning of the pandemic, according to FICO CEO William Lansing in a recent interview with MarketWatch. The average score across all segments rose eight points to 716, while consumers with scores below 600 saw a larger average increase, rising from 581 in April 2020 to 601 today. Pandemic-related relief programs and a decrease in consumer spending early in the pandemic are likely contributors to the improvement in scores. Higher credit scores can offer home buyers more loan options as well as lower interest rates, which can increase affordability and purchasing power.
In the Twin Cities region, for the week ending November 20:
• New Listings decreased 7.9% to 948
• Pending Sales increased 1.2% to 1,154
• Inventory decreased 15.5% to 7,042
For the month of October:
• Median Sales Price increased 7.9% to $340,000
• Days on Market decreased 22.9% to 27
• Percent of Original List Price Received decreased 0.2% to 100.3%
• Months Supply of Homes For Sale decreased 17.6% to 1.4