For Week Ending December 15, 2018
The U.S. Federal Reserve recently raised the benchmark borrowing rate to a range of 2.25 to 2.50 percent. It is the fourth increase in 2018 and brings the rate to its highest level in a decade. As a result, borrowing money will be more expensive, particularly for credit card purchases. Fed Chair Jerome Powell stated that a rate increase at this time was appropriate for a healthy economy. Fed actions do not necessarily affect mortgage rates, but they can be influential.
In the Twin Cities region, for the week ending December 15:
- New Listings increased 9.5% to 702
- Pending Sales decreased 6.7% to 723
- Inventory increased 1.0% to 9,487
For the month of November:
- Median Sales Price increased 8.2% to $265,000
- Days on Market decreased 7.1% to 52
- Percent of Original List Price Received decreased 0.1% to 97.3%
- Months Supply of Inventory increased 10.5% to 2.1
All comparisons are to 2017
Click here for the full Weekly Market Activity Report. From The Skinny Blog.