Mortgage Rates: Mortgage markets continued to remain flat in July as the national average for a 30 year fixed, conventional mortgage climbed slightly from 4.55% to 4.6%. That is historically low but still up significantly from the 3.95% level we had to start the year.
Pending Sales: As expected, sales activity slowed in July. 5,761 homes came under contract which is down 11% month over month and down 2% year over year.
New Listings: New listing activity also slowed in July as expected. 7,640 new listings hit the market which is down 13% month over month but up 4% year over year.
Homes for Sale: The home inventory level in the Twin Cities fell slightly in July and remains historically low which is helping to keep prices from falling significantly. 11,464 homes remained on the market at the end of July which is down 3% month over month, down 14% year over year and down 33% over the past 5 years.
Median Home Prices: The median home price in the Twin Cities fell to $269,000 in July as expected. That puts the median home price down 1% month over month but still up 7% year over year and up 29% over the past 5 years.
This concludes my broad analysis for August. Please don’t hesitate to connect with me any time to discuss the market conditions in your particular neighborhood and thank you for taking the time to watch this video.
To schedule a free consultation, call us today at 952-222-SOLD (7653).
By Nick Leyendecker, Founder, REALTOR®