The stock market has been experiencing a bit of a tizzy of late, but that does not
seem to have had huge ramifications for housing. The Mortgage Bankers
Association recently reported that mortgage applications and refinancing have
both been on the rise, likely in order to get ahead of an expected rate hike by the
Federal Reserve. While stock market flux can have undesirable ripples throughout
the economy, it appears that housing has remained relatively untouched for the
time being.
In the Twin Cities region, for the week ending August 29:
• New Listings increased 13.0% to 1,534
• Pending Sales increased 8.3% to 1,171
• Inventory decreased 13.0% to 16,777
For the month of July:
• Median Sales Price increased 4.7% to $225,000
• Days on Market decreased 7.4% to 63
• Percent of Original List Price Received increased 0.8% to 97.6%
• Months Supply of Inventory decreased 17.4% to 3.8
Source: Minneapolis Area Association of Realtors
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