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MNR Market Update—January 21, 2025
By
MNR News
posted
28 days ago
0
Recommend
A
cross the
NorthstarMLS
coverage area
, showing
activity was
down
1.0
% compared to the same week in 202
4
.
That said
,
seven
out of nine
price ranges
actually
had
more showings compared
to last year
.
Every
segment under $
25
0K
saw
less showing activity
.
The $300-400K price range, which includes the statewide median home price, accounted for the largest share of showings at 2
7
.
6
%
. Homes over a million
account for
2.
6
% of
showings
; homes between $200-250K made up
10
.
2
% of
showings
.
2024 annual
figures show
a
roughly 6.5%
increase in new listings and a 1.0% increase in closed sales
.
With more supply
relative
to demand, h
omes took longer to sell
. The preliminary
median home price rose
about
4.
0
% to
around
$34
5
,000.
So far, we’re actually seeing a
s
light decrease in i
nventory
levels
for December, despite monthly increases throughout the year.
Market times rose 3.4% in December but were up 9.8% for the year. The median home price increased
6
.
3
%
in December but rose
3.9% for the year.
Mortgage rates
aren’t
quite cooperating like
many
had hoped
.
A month ago, they stood around
7
.
1
%
, then moved to 7.25%
but now t
he
30-year fixed m
ortgage rate
is
back toward
7
.
1
%
,
according to Mortgage News Daily.
That’s
partly due to a stronger-than-expected jobs report
but also macroeconomic uncertainty
.
Most expect r
ates
to continue to ease
, but
at a slower
pace
than
originally
anticipated
.
And
that path is rarely straight.
To view the latest Weekly Showings Report
,
click here.
#MNRShowingsReport
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