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MNR Market Monday—February 3, 2025

By MNR News posted 02-03-2025 01:39 PM

  
Across the NorthstarMLS coverage area, showing activity was down 2.8% compared to the same week in 2024. Only four out of nine price ranges had more showings compared to last year. Every segment under $400K saw less showing activity. The biggest gainer was the $400-500K “move-up” range followed by “affordable luxury” between $800K-1M. The $300-400K price range, which includes the statewide median home price, accounted for the largest share of showings at 27.0%. Homes over a million account for 2.9% of showings; homes between $200-250K made up 9.5% of showings.

The 2024 annual report (check it out!) shows a 6.4% increase in new listings and a 1.1% increase in closed sales. With more supply relative to demand, homes took longer to sell. The median home price rose 6.3% in December but was up 3.9% to $345,000 for the year. We saw a slight 0.3% decrease in inventory levels for December, despite monthly increases throughout the year. Market times rose 2.1% in December but were up 10.5% for the year. The ratio of sold to list price rose 0.5% in December but fell 0.6% for the year.

At about 7.05%, mortgage rates have at least settled down from the 7.25% level from mid-January according to Mortgage News Daily. As expected, the Fed left rates unchanged at their meeting at the end of January. Many different factors are at play here including the likely inflationary effect of tariffs. Most expect rates to continue to ease toward the mid-sixes, but the movement is slower than most would like.
To view the latest Weekly Showings Report, click here. 

#MNRShowingsReport

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