Mortgage Rates Reach 2015 High

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The May 28 release of Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) results shows average fixed mortgage rates reaching their highest level of the year, pushed by positive housing data.

Weekly Market Report

For Week Ending May 16, 2015

The song remains the same. While new listings and sales increase, inventory is not always able to keep pace. Demand is high as mortgage rates remain low. There are homes to choose from, for sure, but there should be more if balance is expected to be more than novelty. New construction is occurring, but the notable projects are just as liable to be rental as for sale. The dynamics of residential real estate are ever shifting, churning.

In the Twin Cities region, for the week ending May 16:

  • New Listings increased 7.4% to 2,187
  • Pending Sales increased 29.4% to 1,488
  • Inventory decreased 2.9% to 15,748

For the month of April:

  • Median Sales Price increased 9.7% to $215,000
  • Days on Market decreased 4.5% to 85
  • Percent of Original List Price Received increased 1.1% to 97.0%
  • Months Supply of Inventory decreased 2.8% to 3.5

All comparisons are to 2014

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

Mortgage Rates Even Off

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Freddie Mac’s May 21 release of the results of its Primary Mortgage Market Survey® (PMMS®) shows average fixed mortgage rates moving just slightly lower following three consecutive weeks of increases.

Weekly Market Report

For Week Ending May 9, 2015

As we press through May, the residential real estate market is really hitting its paces. Sales activity has been plentiful and REALTORS® are busier than ever. The Bureau of Labor Statistics recently released April numbers, and they are still quite positive. The nation added 223,000 jobs and the national unemployment rate dropped to 5.4%. The need for more inventory is an ongoing issue, but not one that thwarts optimism in the marketplace.

In the Twin Cities region, for the week ending May 9:

  • New Listings increased 7.1% to 2,117
  • Pending Sales increased 24.0% to 1,526
  • Inventory decreased 1.8% to 15,518

For the month of April:

  • Median Sales Price increased 9.7% to $215,000
  • Days on Market decreased 4.5% to 85
  • Percent of Original List Price Received increased 1.1% to 97.0%
  • Months Supply of Inventory decreased 2.8% to 3.5

All comparisons are to 2014

Click here for the full Weekly Market Activity Report. From The Skinny Blog.