Soaring sales prices have brought about significant gains in home equity during the pandemic, with the average annual equity increase for borrowers reaching $51,550 in the second quarter of the year, according to CoreLogic, which represents the largest average equity gain in more than 11 years. The rapid accumulation of equity may help homeowners who are behind on payments avoid foreclosure, allowing borrowers to access their equity and sell their home instead.
In the Twin Cities region, for the week ending October 2:
- New Listings decreased 13.6% to 1,547
- Pending Sales decreased 14.4% to 1,349
- Inventory decreased 14.8% to 8,440
For the month of August:
- Median Sales Price increased 11.1% to $350,000
- Days on Market decreased 43.6% to 22
- Percent of Original List Price Received increased 2.1% to 102.4%
- Months Supply of Homes For Sale decreased 26.3% to 1.4
All comparisons are to 2020
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.