Twin Cities Housing Market: November - 2019
As expected, demand and home prices remained flat and the home inventory level began its seasonal decline with a 9% fall in October as the market set up for the low volume winter months of November, December and January.
Mortgage Rates: Mortgage rates moved up significantly in October reaching as high as 3.8% but have calmed down so far in November and currently sit at 3.66% for the average 30 year fixed conventional mortgage.
Home Builder Confidence: The Housing Market Index in the U.S. fell to 70 in November from 71 in the previous month and below market expectations of 71.
Closed Sales: We had 5,413 residential closings take place during October. That is flat month over month but up 2% year over year and still up 15% over 5 years.
Median Home Price: Our median home price remained flat for closed sales in October at $280,000. That is still up 6% year over year and up 37% over 5 years.
New Listings: 6,267 new homes and condos hit our market in October. That is down 11% month over month but up 4% year over year.
Homes for Sale: Our home and condo inventory level in the Twin Cities fell 9% in October to 11,682 units. That is down 5% year over year and still down 37% over 5 years.
Pending Sales: 5,081 homes and condos came under contract last month which is up 1% month over month and up 5% year over year.
This concludes our housing market insight for November. Please don’t hesitate to connect with us if you would like to discuss the market conditions in your specific community or market segment and I thank you for taking the time to watch this video.
By Nick Leyendecker, Founder | Broker | REALTOR®