As we turn toward the final and typically quietest quarter of the year, it is easy to wonder if we are destined to lose the stability that we have worked hard for throughout the U.S. However, gloomy considerations are readily put aside after considering a recent investigation by the International Monetary Fund into the real estate markets of other countries. It turns out that our national housing price-to- income ratio is fairly conservative. At this rate, we will soon stop talking about the process of housing recovery and just call it recovered.
In the Twin Cities region, for the week ending October 11:
- New Listings decreased 6.6% to 1,423
- Pending Sales increased 6.8% to 955
- Inventory increased 7.5% to 18,178
For the month of September:
- Median Sales Price increased 5.1% to $205,000
- Days on Market remained flat at 71
- Percent of Original List Price Received decreased 0.9% to 95.6%
- Months Supply of Inventory increased 15.8% to 4.4
All comparisons are to 2013
Freddie Mac’s October 16 release of the results of its Primary Mortgage Market Survey® (PMMS®) shows average fixed mortgage rates hitting new lows for the year. The average 30-year fixed rate is at its lowest level since the week of June 20, 2013, which was the last time the 30-year fixed averaged below 4 percent in the PMMS until this week.