For Week Ending March 16, 2019
The Federal Reserve recently announced that interest rates will remain steady and that further rate hikes are not planned for 2019. Given that the federal funds rate has increased nine times over the past three years, this is welcome news for consumers carrying high credit card balances. The overall economy, inflation and Fed actions also have an effect on mortgage rates, so it is generally good news when rate hikes are paused, especially when total sales are dropping in many parts of the nation.
In the Twin Cities region, for the week ending March 16th (All comparisons are to 2018):
- New Listings decreased 12.2% to 1,374
- Pending Sales decreased 20.8% to 976
- Inventory decreased 5.8% to 8,273
For the month of February:
- Median Sales Price increased 6.2% to $265,500
- Days on Market remain flat at 69
- Months Supply of Homes For Sale remained flat at 1.7
* All data from NorthstarMLS. Provided by the Minneapolis Area Association of REALTORS®. Report © 2019 ShowingTime.