Weekly Market Update: February 23, 2015

As we hit February, mortgage rates continue to remain low, bringing about a high dosage of optimism to the market. While some reports attempt to dissect drops in builder confidence with a negative-bent attitude, low rates seem prepped to steer potential buyers toward getting their own set of house keys, curbing the pessimism of market naysayers.

In the Twin Cities region, for the week ending February 14: 

• New Listings increased 12.1% to 1,298
 • Pending Sales increased 15.6% to 920
 • Inventory decreased 3.7% to 12,410

For the month of January:

 • Median Sales Price increased 8.5% to $195,000
 • Days on Market increased 7.5% to 100
 • Percent of Original List Price Received increased 0.2% to 93.7%
 • Months Supply of Inventory remained flat at 2.9

Source:  Minneapolis Area Association of Realtors