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MNR Market Monday—February 3, 2025
By
MNR News
posted
15 days ago
1
Recommend
A
cross the
NorthstarMLS
coverage area
, showing
activity was
down
2
.
8
% compared to the same week in 202
4
.
Only four
out of nine
price ranges
had
more
showings
compared
to last year
.
Every
segment under $
40
0K
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 2
7
.
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
!)
show
s
a 6.
4
% increase in new listings and a 1.
1
% increase in closed sales
.
With more supply
relative
to demand, h
omes took longer to sell
. The
median home price rose
6.3% in December but was up
3
.
9
% to
$34
5
,000
for the year
. We saw a
s
light
0.3%
decrease in i
nventory
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%, m
ortgage 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 r
ates
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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