Twin Cities pending home sales fall 11.7% in September, Carpathian Capital Management says
SPY•Pending home sales in the Twin Cities fell 11.7% year over year to 3,541 in September. Inventory rose 11.2%, while home values increased 0.2% to $327,005.
1. Sales and inventory
Carpathian Capital Management’s analysis found that pending home sales in the Twin Cities fell 11.7% year over year to 3,541 in September, while inventory rose 11.2%. Housing supply reached 3.2 months, and the ShowingTime Housing Value Index rose 0.2% year over year to $327,005.
2. Mortgage rates
The national average 30-year fixed mortgage rate rose from about 6.7% to above 7% during the month. The analysis said the market cooled, giving buyers greater negotiating leverage.
