Freddie Mac reported that the 30-year fixed-rate mortgage hit a new all-time low this week, dropping to an average of 2.8% with .6 points. Record-low rates, coupled with continued strong buyer demand seen in recent months, should continue to support an active market in the coming weeks in what is normally a slower time of year.
In the Twin Cities region, for the week ending October 24:
• New Listings increased 8.1% to 1,361
• Pending Sales increased 27.0% to 1,422
• Inventory decreased 29.7% to 8,971
For the month of September:
• Median Sales Price increased 10.8% to $310,000
• Days on Market decreased 15.9% to 37
• Percent of Original List Price Received increased 2.0% to 100.5%
• Months Supply of Homes For Sale decreased 33.3% to 1.8
Publish Date: November 2, 2020 • All comparisons are to 2019 All data from NorthstarMLS. Provided by Minneapolis Area REALTORS®. Report © 2020 ShowingTime.