Twin Cities Housing Market: October - 2019
Mortgage Rates: Mortgage rates moved up 4% in October and currently sit at 3.75% for a 30 year fixed conventional mortgage.
Home Builder Confidence: The Home Builder Confidence Index in the United States increased to 71 in October from 68 in the previous month and exceeded market expectations. That is the highest reading since February of 2018.
Closed Sales: 5,390 residential closings took place in the Twin Cities during September. That is down 20% month over month but up 4% year over year and still up 16% over 5 years.
Median Home Price: The median home price in the Twin Cities fell 3% in September to $279,000 as the seasonal decline continued. That is still up 6% year over year and up 38% over 5 years.
New Listings: 7,066 new homes and condos hit the Twin Cities market in September. That is down 8% month over month but up 3% year over year.
Homes for Sale: The home and condo inventory level in the Twin Cities remained flat in September at 12,620 units. That is down 5% year over year and still down 35% over 5 years.
Pending Sales: 4,994 homes and condos came under contract in September which is down 17% month over month but up 4% year over year.
This concludes my housing market insight for October. Please don’t hesitate to connect with me 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®