June 8, 2023
Mortgage rates decreased after a three-week climb. While elevated rates and other affordability challenges remain, inventory continues to be the biggest obstacle for prospective homebuyers.
Information provided by Freddie Mac.
For Week Ending May 27, 2023
Sales prices of existing homes rose in nearly 70% of metropolitan areas in the first quarter of 2023, according to the latest quarterly report from the National Association of REALTORS® (NAR). Despite the increase, however, affordability improved slightly from the fourth quarter of 2022, when 90% of metropolitan areas saw annual sales price increases. On average, families spent 24.5% of their monthly income on mortgage payments in the first quarter this year, compared to 26.2% in the fourth quarter last year.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 27:
FOR THE MONTH OF APRIL:
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
June 1, 2023
Mortgage rates jumped this week, as a buoyant economy has prompted the market to price-in the likelihood of another Federal Reserve rate hike. Although there has been a steady flow of purchase demand around rates in the low to mid six percent range, that demand is likely to weaken as rates approach seven percent.
Information provided by Freddie Mac.
For Week Ending May 20, 2023
The number of homes available for sale was up 48.3% year-over-year in April, according to Realtor.com’s latest Monthly Housing Market Trends Report, although inventory remains well below pre-pandemic levels. Inventory increased in 42 out of 50 of the largest metros annually, with the typical home spending 41 days on market, up from 26 days the same time last year. Nationally, listing price growth has also softened, rising 2.85% year-over-year, the lowest rate of growth since April 2020.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 20:
FOR THE MONTH OF APRIL:
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
May 25, 2023
The U.S. economy is showing continued resilience which, combined with debt ceiling concerns, led to higher mortgage rates this week. Dampened affordability remains an issue for interested homebuyers and homeowners seem unwilling to lose their low rate and put their home on the market. If this predicament continues to limit supply, it could open up an opportunity for builders to help address the country’s housing shortage.
Information provided by Freddie Mac.
