For Week Ending February 21, 2015
Rumors that Fannie Mae and Freddie Mac could one day be a thing of the past have people wondering about the future of the 30-year fixed-rate mortgage. But let’s not sound the alarm just yet. A drastic change to lending’s gold standard is certainly not on the immediate horizon. Meanwhile, Federal Reserve Chair Janet Yellen seems to have no immediate interest in raising interest rates for the first time since 2006. The economy remains stable for the time being, which should keep housing rolling through the short-named months.
In the Twin Cities region, for the week ending February 21:
- New Listings increased 29.8% to 1,365
- Pending Sales increased 36.4% to 981
- Inventory decreased 3.0% to 12,570
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 increased 3.4% to 3.0
All comparisons are to 2014
Where has the Twin Cities real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity.