National Real Estate Updates
Existing-Home Sales Eased up in August Due to High Home Prices and Low Inventory
- WASHINGTON (September 22, 2016) — Existing-home sales eased up in August for the second consecutive month despite mortgage rates near record lows as higher home prices and not enough inventory for sale kept some would-be buyers at bay, according to the National Association of Realtors®. Only the Northeast region saw a monthly increase in closings in August, where inventory is currently more adequate.
Mortgage Rate Prediction
I really can't predict mortgage rates but watching Janet L. Yellen, the Federal Reserve chairwoman, is a good source of info because when the Fed lowers the federal funds rate, lenders can finance home loans more cheaply. As a result, they can reduce the interest rates they charge for a fixed-rate mortgage. Yesterday we saw columnist Howard Gold write in a Market Watch article about Yellen and interest rates: "Another Federal Open Market Committee meeting, another pass on raising interest rates."
Nobody is predicting rates to rise before the November election but Economist Elliot Eisenberg just posted:
Twin Cities Real Estate Market Overview
- The median list price in September for single family homes in Twin Cities is $250,000. DOWN $5,000 from May.
- The price per square foot for listings in this area is $122. DOWN $3/foot from May.
- Homes are selling on average for 99.7% of the current list price.
- The average days on the market in this area is 34. UP 10 days from May reports
- Inventory in the Twin Cities is at 13,475. THE LOWEST ON RECORD since 2005
- Months Supply is at 2.8. This is a SELLERS market
- The average listing is receiving 6.2 showings. The HIGHEST we have seen since 2012.
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This real estate market data for the Twin Cities area and the national report provided by Sarah Marrinan of Keller Williams Premier Realty North Suburban and Call Sarah First, Inc. WRITTEN PERMISSION REQUIRED TO QUOTE ANY PART OF THIS INFORMATION ON THE WEB OR OTHER MEDIA. The link to this page may be shared without written permission through social media channels.
CLICK HERE to see the local reports for the Twin Cities PLUS the Hugo, Centerville, Lino Lakes, White Bear Lake, Gem Lake, and Birchwood Village local markets from earlier this year.
