Tuesday, February 3, 2015

Weekly Market Update: February 1, 2015

Up, down and all around, mortgage rates and regulations will likely be hot topics this year. Rates should stay low through 2015, but consumers and finance experts believe we're at or near rate bottoms. The implication of low rates should be that more people will be able to reach home ownership status in the coming year, but it will be interesting to see if regulatory standards loosen up or tighten further based on buyer demand.

In the Twin Cities region, for the week ending January 24:

 • New Listings increased 15.8% to 1,058
 • Pending Sales increased 3.1% to 675
 • Inventory decreased 6.4% to 12,149

For the month of December:

 • Median Sales Price increased 5.2% to $200,000
 • Days on Market increased 3.5% to 89
 • Percent of Original List Price Received decreased 0.6% to 94.1%
 • Months Supply of Inventory increased 3.4% to 3.0

Source:  Minneapolis Area Association of Realtors

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