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September Market Update

Interest rates in August and early September continued to hover below 6%.... currently as low as 5 5/8 on a 30 year fixed mortgage.  This decline and the "back to school season" lead to a stronger August than July.  Housing inventory continues to climb and is quickly becoming a buyer's market.  From now until February, home sales progressively slow before the seasonal "Spring Market" begins in March. … [Read more...]

August Market Update

July saw a dramatic turn in the real estate market.  After June's record sales numbers, July was much slower.  We won't have statistics for the month for about a week but I believe that the number of houses that went Pending Sale in July will be down 10% or more from June.  Realtors, Loan Officers and Title Closers are all commenting that business is slowing down dramatically from its record pace of the last few months. This slowdown was expected.  With the summer half over and interest rates slowly on the … [Read more...]

July Market Update

June was another record-breaking month for home sales in the Minneapolis/St. Paul area.  Interest rates slid all the way back below 6% for a 30 year, fixed rate loan of $150,000 or more.  Even though the Fed raised interest rates this month, that rate is not directly tied to the mortgage market.  According to the Mortgage Bankers Association, by this time next year rates are projected to be at about 7.1%.  With the rates still so low, I expect that July and August will be fairly brisk with sales, though … [Read more...]

June Market Update

June is National Homeownership Month. According to Minneapolis Area Association of REALTORS, Minnesota's overall home ownership rate now stands at 77%. Unfortunately, the home ownership rate for minorities is still well below 50%. Each year more Minnesotans purchase their first home and REALTORS such as myself are glad that we are able to help them achieve their dreams. While low interest rates have helped the last few years, there are still many people renting homes that could be owning homes with the right … [Read more...]

May Market Update

April new listings and sales were again at record levels.  It was a busy month for myself and everyone in my office.  Even though sales were very strong, there's still a great inventory of homes on the market.  Buyers seem to be increasingly looking for homes that are in "move-in condition."  Sellers looking for a quick offer should take time to evaluate the layout of furniture or "flow" of each room and consider carefully whether replacing carpet, painting walls, updating lights and window treatments may … [Read more...]

April Market Update

The monthly employment numbers for March came out April 2 and immediately sent the bond market interest rates higher.  Just a few weeks ago rates were down to 5.25% but have now "bumped up" to 5.675%.  While that sounds bad, the rates went up because the economy and job market are looking stronger and stronger with each new report.  The employment report was well above expectations and therefore really shook up the market on Friday.  Housing is very strong right now!  Reports of houses being sold in multiple … [Read more...]

March Market Update

March started off very busy and so I'm a little slow in posting an update here.  At the start of February, interest rates had jumped back up to 6%.  Since then, the rates have slid all the way down to 5.25%!  The economic forecast by economists came in lower than expected which has caused interest rates and the stock market to fall much of February and the first part of March.  As the weather has warmed up, the buyers have come more and more into the market. As is typical in a good market, the best homes for … [Read more...]

February Market Update

Just a few days ago, the Federal Reserve released a statement from their most recent meeting that suggested that their policy of keeping key interest rates at record lows may be changing. Previously it was expected that the "Fed" would not raise rates until Fall. Now it appears the first rate increase may come sometime this Summer. While interest rates on home loans are not tied directly to the "Fed Rate," it is impacted by rising rates, especially ARM products. Rates during January fell to as low as 5.375% on a 30 … [Read more...]

January Market Update

January has started off great!  Between Thanksgiving and Christmas the market slowed down dramatically (as is normal for the time of year) but has since picked up nicely.  Many homes that were still for sale in late 2003 expired close to the end of the year and I am seeing some of those houses come back on the market, as well as some new homes.  Interest rates are still hovering around 5.75% on a 30 year fixed rate loan which means buyers still have ample opportunity to take advantage of the good deals in the … [Read more...]


TwinCitiesRealEstateBlog.com is not a Multiple Listing Service MLS, nor does it offer MLS access.
This website is a service of Aaron Dickinson of Edina Realty, a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc.