Ted Bergstrom

For Week Ending April 9, 2022

Rising mortgage interest rates are taking a toll on borrowers, having increased more than 1.5 points since the beginning of the year, the fastest three-month rate increase since 1994, according to Freddie Mac. The recent surge in mortgage rates has caused a decline in mortgage demand, with the Mortgage Bankers Association (MBA) reporting the Refinance Index is down 62% compared to a year ago, while the unadjusted Purchase Index is 6% lower compared to this time last year.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING APRIL 9:

• New Listings decreased 13.8% to 1,503
• Pending Sales increased 3.3% to 1,326
• Inventory decreased 12.1% to 4,990

FOR THE MONTH OF MARCH:

• Median Sales Price increased 7.8% to $353,950
• Days on Market decreased 10.3% to 35
• Percent of Original List Price Received increased 0.8% to 102.7%
• Months Supply of Homes For Sale remained flat at 1.0

All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending April 2, 2022

The median national home price recently hit a new all-time high of $405,000 in March, a 13.5% increase annually, according to Realtor.com’s latest Monthly Housing Trends Report. As home prices continue to rise, the share of homes experiencing price reductions has also grown, with 25 of the 50 largest metro areas reporting an increase in price reductions last month, up from 18 in February, which may be an early sign the housing market is moderating somewhat.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING APRIL 2:

• New Listings increased 0.2% to 1,500
• Pending Sales decreased 11.4% to 1,238
• Inventory decreased 11.8% to 4,986

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 8.3% to $340,000
• Days on Market decreased 4.3% to 44
• Percent of Original List Price Received increased 0.7% to 100.8%
• Months Supply of Homes For Sale decreased 10.0% to 0.9

All comparisons are to 2021

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending March 26, 2022

Mortgage rates have surged recently, jumping to 4.42% the week ending March 24, up more than a quarter of a percentage point compared to the previous week, Freddie Mac reports. Rates have increased 1.2% since January and are at the highest level in more than 3 years, with the typical homebuyer now spending $250 more per month to purchase a home, according to the National Association of REALTORS®.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 26:

• New Listings decreased 12.8% to 1,366
• Pending Sales decreased 12.8% to 1,178
• Inventory decreased 13.7% to 4,839

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 8.3% to $340,000
• Days on Market decreased 4.3% to 44
• Percent of Original List Price Received increased 0.7% to 100.8%
• Months Supply of Homes For Sale decreased 10.0% to 0.9

All comparisons are to 2021

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending March 19, 2022

Rising sales prices and a surge in mortgage rates haven’t been enough to cool demand and ease competition heading into the spring market. Agents are reporting homes are selling at lightning speed and often with multiple offers. According to the National Association of REALTORS®, 84% listings were on the market less than 30 days last month, with an average of 5 offers on each home sold, and 48% of offers above list price nationwide.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 19:

• New Listings decreased 6.8% to 1,370
• Pending Sales decreased 6.6% to 1,180
• Inventory decreased 14.6% to 4,713

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 8.3% to $340,000
• Days on Market decreased 4.3% to 44
• Percent of Original List Price Received increased 0.7% to 100.8%
• Months Supply of Homes For Sale decreased 10.0% to 0.9

All comparisons are to 2021

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending March 12, 2022

Following a brief decline recently, mortgage interest rates are on the rise again, as the average 30-year fixed-rate mortgage jumped to 4.27% for the week ending March 11, the highest level since May 2019, according to the Mortgage Bankers Association. Mortgage rates are now a full percentage point higher than this time last year and continue to impact mortgage demand, in particular refinance applications, which were down 49% compared to the same week one year ago.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 12:

• New Listings decreased 10.1% to 1,313
• Pending Sales decreased 6.5% to 1,174
• Inventory decreased 14.0% to 4,671

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 8.3% to $340,000
• Days on Market decreased 8.7% to 42
• Percent of Original List Price Received increased 0.7% to 100.8%
• Months Supply of Homes For Sale decreased 20.0% to 0.8

All comparisons are to 2021

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.