Ted Bergstrom

For Week Ending May 7, 2022

Demand for adjustable-rate mortgages (ARMs) is rising, as buyers look to mitigate higher monthly payments caused by record-high sales prices and surging mortgage interest rates. Although less popular than fixed rate mortgages, ARMs offer introductory rates lower than rates from conventional mortgages and currently represent 11% of mortgage loans, up from 3% at the beginning of the year, according to the Mortgage Bankers Association.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 7:

• New Listings decreased 5.7% to 1,808
• Pending Sales decreased 11.6% to 1,406
• Inventory decreased 5.2% to 5,811

FOR THE MONTH OF APRIL:

• Median Sales Price increased 10.0% to $370,000
• Days on Market decreased 9.7% to 28
• Percent of Original List Price Received increased 0.5% to 103.8%
• Months Supply of Homes For Sale remained flat at 1.1

All comparisons are to 2021

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

For Week Ending April 30, 2022

70% of metropolitan areas saw the median existing-home sales price rise by double digits annually in the first quarter of 2022, up from 66% of metro areas in the previous quarter, according to the National Association of REALTORS® (NAR) latest quarterly report. In 27 U.S. markets, buyers needed at least $100,000 annual income to afford a 10% down payment, with first time buyers typically spending 28.4% of monthly income on mortgage payments, exceeding the 25% threshold NAR considers unaffordable.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING APRIL 30:

• New Listings decreased 4.8% to 1,731
• Pending Sales decreased 9.3% to 1,424
• Inventory decreased 6.9% to 5,576

FOR THE MONTH OF MARCH:

• Median Sales Price increased 7.8% to $354,077
• 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.