Twin Cities Housing Market: September - 2019
The seasonal market deceleration has continued through August and the first part of September overall, but Twin Cities housing prices did receive a slight bump up of 1% in August.
Mortgage Rates: Through August and the first part of September, the average for a 30-year-fixed mortgage has been trading between 3.5% and 3.6% which remains very close to the historical lows.
Home Builder Confidence: The NAHB Housing Market Index in the United States increased slightly to 68 in September 2019 from an upwardly revised 67 in the previous month and beating market expectations of 66.
Closed Sales: 6,675 residential closings took place in the Twin Cities during August. That is flat month over month and flat, year over year but still up 22% from the number of closed units in August of 2014.
The Median Home Price: The median home price in the Twin Cities moved up 1% in August to $286,000. Prices typically decline in September. The last time the median home price moved up in August was back in 2014 and that was followed a 7% decline in September so it will be interesting to see what the numbers reveal next month.
New Listings: 7,708 new homes and condos hit the Twin Cities market in August. That is down 2% month over month and down 2% year over year.
Homes for Sale: The home and condo inventory level in the Twin Cities fell 1% in August to 12,365 units. That is down 5% year over year and still down 37% from the inventory level in August of 2014.
Pending Sales: 5,956 homes and condos came under contract in August which is down 4% month over month but up 4% year over year.
This concludes my housing market insight for September. Please don’t hesitate to connect with me if you would like to discuss the market conditions in your neighborhood or segment and I thank you for taking the time to watch this video.
By Nick Leyendecker, Founder, Broker, REALTOR®