Minnesota Realtors®

*MNR MARKET MONDAY UPDATE* Showings rose 15.5% across the NorthstarMLS area last week. Showing activity gains spanned a wide price range, from $200K homes to luxury listings over $1M. The most popular price point remained $300-400K––these homes made up 27.3% of showings. September statewide trends showed more seller activity, while buyer interest stayed the same. Prices continue to rise, inventory is tight, and affordability is challenging. Builder confidence rose again for the second month, with new home supply sitting at 5-6 months. However, the biggest inventory crunch remains in existing homes. Mortgage rates remain unpredictable. Although the Fed cut rates in September, economic factors pushed mortgage rates up. As the Fed "recalibrates," rates should slowly lower, but it may still be a bumpy ride. With mortgage rates below their 50-year average of 7.7%, waiting could lead to more competition if rates drop under 6%. Read our full Market Monday report here: https://bit.ly/40ltxdc #MNRMarketMonday #MNRealtors #MortgageRates #HousingMarket

That’s a wrap! The MNR DE+I Committee celebrated a year of impactful work at its 2024 wrap party, where members enjoyed pickleball, arcade games, and great food and drinks. At the celebration, MNR CEO Josh McFall, CAE, RCE and Diversity and Sustainability Director Donnie Brown presented a $10,000 MNR donation to Twin Cities Habitat for Humanity, represented by Chief Program Officer Shereese Turner, M.A. This donation will support the ongoing 2024 Carter Work Project, where the DE+I committee volunteered earlier this fall. The committee also honored 2024 Fair Housing Champion Denise Mazone with a $1,000 donation from MNR to Project for Pride in Living (PPL), represented by Henry Rucker, PPL’s Associate Director of Homeownership and Financial Coaching. #MNRealtors #MNCommunity #CommunityImpact

A round of applause for Jonathan Hartman! The GRI Designation marks a major step forward in your career—congratulations on this outstanding achievement! #GRI #MNRealtors #LeadersinRealEstate

Bring the warmth of autumn indoors this season 🍁 From earthy greens to rich burgundies, these fall color trends bring a sense of nature and elegance inside your home. Head to our digital magazine for all the color inspiration you need to make this beautiful season last a little longer. Read the full article: https://bit.ly/48DmJdn #MNRealtors #DigitalMagazine #FallHomeDecor #InteriorDesignTrends

What’s behind the soaring cost of homeownership? It’s more than just rising home prices. Minnesota homeowners are being hit with surging property taxes, expensive repairs, and skyrocketing insurance rates—up nearly 40% since 2018. The dream of owning a home is quickly becoming an ongoing financial challenge for many. Find out what’s driving these costs and how it’s affecting Minnesotans in the September/October issue of our digital magazine: https://bit.ly/3Yk4GnJ #MNRealtors #DigitalMagazine #MNRealEstate

Did you know that about 20% of homes rely on private wells for drinking water in Minnesota? If your clients are buying or selling a property with a well, it’s important they understand what’s involved. The Minnesota Department of Health has created a free brochure that covers key details like what to look for, questions to ask, and legal requirements. It also provides helpful resources for both buyers and sellers to help navigate the property transfer process smoothly. Check out the brochure to better support your clients in their home journey: https://bit.ly/4dUlFCB #MNRealtors #MNRealEstate #RealEstateResource

September market data is in: Sellers may feel “locked in” by low rates, but buyer activity remains steady. Inventory and affordability continue to pose challenges, but increasing showings indicate buyer interest. It’s a bumpy road ahead for mortgage rates, but despite an uptick in September, rates are anticipated to trend downward. Find out more in this month’s Market Minute with David Arbit. #MNRealtors #MNRMarketMinute #HousingMarket #MNRealEstate

Phillip Ward’s journey to homeownership seemed like an improbable and distant dream—until 2023 brought new hope. To address the racial homeownership gap, the Minnesota Legislature allocated $150 million to two first-generation downpayment assistance programs, including the MNR-supported First-Generation Community Down Payment Assistance Fund. Thanks to these programs, Phillip Ward and thousands of Minnesotans will become the first in their families to buy a home. Read more about Phillip’s story and these life-changing programs in the September/October issue of our digital magazine: https://bit.ly/4htV8iP #MNRealtors #DigitalMagazine #MNCommunity #DownPaymentAssistancePrograms

*MNR MARKET MONDAY UPDATE––October 21, 2024* Weekly Activity: Showings were up 1.4% across NorthstarMLS, with a 33.1% increase for homes in the $1M+ price range, but fewer showings for homes listed below $300K. New listings have risen for six consecutive weeks in the metro, while pending sales have increased for three weeks. Monthly Activity: Statewide September data shows a jump in seller activity while buyer activity remained flat compared to 2023. The dip in mortgage rates, coupled with more listings, suggests sellers are ready to move, while some buyers can find relief as price growth stabilizes and rates remain below the 50-year average of 7.7%. Economic Trends: Incoming positive data on labor, business, and retail sales continues to surprise experts. However, this strength has pushed rates higher the past few weeks, making housing affordability a challenge for many, despite a healthy market overall. Read our full MNR Market Monday Update here: https://bit.ly/3YbveHH #MNRMarketMonday

2024 MNR President Geri Theis recently sat down with Minnesota News Network to discuss September market trends. Our latest housing market report indicates that many buyers and sellers are playing the waiting game, but now might be the time to start shopping, according to Theis. “We’ve got a little more inventory out there, and maybe [you can] get in before a whole bunch of buyers jump back into the market,” she said. Listen to the interview to get the full scoop on current trends and learn more about helping your clients navigate the market. #MNRealtors #HousingMarket #HousingMarketUpdates #MNRealEstate