Weekly Housing Market Activity Report for the Twin Cities

Weekly Housing Market Activity Report for the Twin Cities

Fannie Mae recently announced changes to its automated underwriting system
intended to simplify the loan process and help create more homeownership
opportunities for underserved borrowers lacking an established credit history. The
changes include updating eligibility criteria for loans where borrowers do not have a
credit score, using borrowers’ bank statements to determine cash flow and balance
trends, and providing an automated option for lenders to document nontraditional
credit sources.
In the Twin Cities region, for the week ending January 7:
• New Listings decreased 5.3% to 808
• Pending Sales decreased 30.5% to 386
• Inventory increased 18.4% to 5,999
For the month of November:
• Median Sales Price increased 4.4% to $354,900
• Days on Market increased 33.3% to 40
• Percent of Original List Price Received decreased 2.6% to 97.2%
• Months Supply of Homes For Sale increased 50.0% to 1.8