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MNR Market Monday Update—October 21, 2024

By MNR News posted 10-21-2024 02:54 PM

  
For the week ending on October 20, 2024, showings were up 1.4% across the NorthstarMLS coverage area. But the increase wasn’t evenly spread across price points. The $1M+ range saw 33.1% more showings while listings under $300K all had less showing activity. New listings in the metro have risen for six consecutive weeks; pending sales only three weeks. 

Zooming out, the statewide September numbers showed an increase in seller activity while buyer activity was flat. Despite a small spike since, the September rate dip combined with an increase in listings could signal that sellers are more willing to make the move and let go of their ultra-low rate. Buyers can take some comfort in the fact that wages growth remains elevated as price growth has leveled off. Believe it or not, mortgage rates are below their 50-year average of 7.7%. 

Zooming out even further, the strength in the economy and the resilience of the consumer continues to surprise. We saw encouraging data on the labor market, business outlook and retail sales last week. That strength meant bonds lost ground which means rates rose. While a healthy labor market and consumer are positives for housing, the current rate environment put housing affordability out of reach for too many. 

To read our most recent Weekly Showings Report, click here. 
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