Twin Cities Market Update – December 21, 2018

The month of December often equates to a full-scale slowdown in residential real estate, as thoughts shift from buying homes to buying gifts and plane tickets to visit family and friends. This year could be different. The Federal Reserve is set to raise interest rates one more time in 2018. Interest rate hikes don’t necessarily create mortgage rate hikes, but they can. This may cause more purchase offers ahead of deeper affordability concerns in 2019.

In the Twin Cities region, for the week ending December 8:
• New Listings increased 1.4% to 773
• Pending Sales decreased 8.3% to 716
• Inventory increased 2.1% to 9,994

For the month of November:
• Median Sales Price increased 8.2% to $265,000
• Days on Market decreased 7.1% to 52
• Percent of Original List Price Received decreased 0.1% to 97.3%
• Months Supply of Homes For Sale increased 5.0% to 2.1

Comments are closed.