Courtesy of the just released data stream from the Minneapolis Area Association of Realtors, we know that in the month of November:
- The $175,000 Median sales price was down 19% from a year ago. The lowest such figure since 2001
- Affordability is the highest since 1990
- There were 4,985 new listings. Down 18.9% from last year
- There were 2,577 closed sales. Down 1.6%
- $571,600,000.00 worth of real estate changed hands. Down 19%.
- The average sales price was $221,826. 17% lower than last year.
- There were 27,734 homes for sale.
- Sellers received 90.1% of asking price. Down 2.5%.
- There are 12 homes for sale for every pending sale.
- There is an 8.5 month supply of homes for sale. 5 months is considered normal.
Are we at a bottom? Hard to say. We don’t know because nobody does. In some areas, maybe. In others, probably not.
But we do know this: Very low mortgage rates and low(er) home prices will not exist in tandem forever, and we’ll guarantee that when it is obvious the market has turned, mortgage rates will be much higher.
More great statitude from MAAR here.