July 2021
The White House recently announced additional measures to help struggling homeowners avoid foreclosure as they exit forbearance, including loan modifications and payment reductions. Borrowers with federally backed mortgages can lock in lower interest rates and extend the length of their mortgages. For borrowers who can’t resume their monthly mortgage, HUD will offer lenders the ability to provide all eligible borrowers with a 25% principal and interest reduction.
New Listings in the Twin Cities region increased 0.7 percent to 8,139. Pending Sales were down 11.3 percent to 6,202. Inventory levels fell 25.3 percent to 7,590 units.
Prices continued to gain traction. The Median Sales Price increased 11.9 percent to $350,000. Days on Market was down 53.7 percent to 19 days. Sellers were encouraged as Months Supply of Homes for Sale was down 35.0 percent to 1.3 months.
The National Association of REALTORS® reported inventory of homes for sale nationwide rose slightly in June as more sellers list their homes, hoping to take advantage of record-high sales prices across the country. Even with renewed home seller interest, inventory overall remains 18.8% lower than a year ago, according to NAR.
– SAINT PAUL AREA ASSOCIATION OF REALTORS®
