Ted Bergstrom

For Week Ending August 6, 2022

The average 30-year fixed rate mortgage dropped to 4.99% the week ending 8/4, marking the first time since April rates have dipped below 5%, according to Freddie Mac. With rates down the past two weeks, the Mortgage Bankers Association reports mortgage applications rose slightly from the previous week, including an uptick in refinance applications, as buyers took advantage of the opportunity to lock in lower rates and save on their monthly mortgage payment.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING AUGUST 6:

• New Listings decreased 21.7% to 1,560
• Pending Sales decreased 23.1% to 1,118
• Inventory increased 7.8% to 8,818

FOR THE MONTH OF JULY:

• Median Sales Price increased 7.1% to $375,000
• Days on Market increased 15.8% to 22
• Percent of Original List Price Received decreased 2.0% to 101.5%
• Months Supply of Homes For Sale increased 20.0% to 1.8

All comparisons are to 2021

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

For Week Ending July 30, 2022

As housing supply continues to increase across the country, prospective buyers’ housing expectations are on the rise as well, with the National Association of Home Builders (NAHB) reporting the share of prospective buyers expecting their home search to be easier in the coming months climbed to 22% in the second quarter, up from 17% in the first quarter. The NAHB attributes the improved outlook among buyers to increases in inventory and a decline in buyer competition.

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

• New Listings decreased 24.5% to 1,443
• Pending Sales decreased 22.4% to 1,171
• Inventory increased 10.3% to 8,830

FOR THE MONTH OF JUNE:

• Median Sales Price increased 8.6% to $380,000
• Days on Market increased 5.0% to 21
• Percent of Original List Price Received decreased 0.8% to 103.3%
• Months Supply of Homes For Sale increased 23.1% to 1.6

All comparisons are to 2021

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

For Week Ending July 23, 2022

Mortgage applications declined for the fourth straight week, falling 1.8 percent from the previous week and marking the lowest level of activity since February 2000, according to the Mortgage Bankers Association. Increasing mortgage rates, escalating sales prices, and decades-high inflation continue to hinder affordability, putting homeownership on hold for many prospective buyers.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 23:

• New Listings decreased 13.5% to 1,607
• Pending Sales decreased 25.1% to 1,142
• Inventory increased 9.7% to 8,729

FOR THE MONTH OF JUNE:

• Median Sales Price increased 8.6% to $380,000
• Days on Market increased 5.0% to 21
• Percent of Original List Price Received decreased 0.8% to 103.3%
• Months Supply of Homes For Sale increased 23.1% to 1.6

All comparisons are to 2021

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

For Week Ending July 16, 2022

Increasing homeownership costs have led many prospective homebuyers to continue renting, adding additional pressure to an already highly competitive rental market. Rental vacancy rates have remained below 6% since Q3 2021, a 3-decade low, the U.S. Census Bureau reports. As demand continues to outpace supply, rents on new leases have surged 14.1% this year through June, according to Apartment List, a huge leap from the typical 2% – 3% annual rent increases before the pandemic.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 16:

• New Listings decreased 11.5% to 1,750
• Pending Sales decreased 24.8% to 1,097
• Inventory increased 10.1% to 8,441

FOR THE MONTH OF JUNE:

• Median Sales Price increased 8.6% to $380,000
• Days on Market increased 5.0% to 21
• Percent of Original List Price Received decreased 0.8% to 103.3%
• Months Supply of Homes For Sale increased 23.1% to 1.6

All comparisons are to 2021

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

For Week Ending July 9, 2022

Homebuyers felt a tinge of relief recently as mortgage rates softened somewhat, with the 30-year fixed-rate mortgage falling from 5.7% to 5.3% the week ending July 7, the biggest one week decline since 2008, according to Freddie Mac. Over the past two weeks mortgage rates have dropped by half a percent, making homebuying about 5% more affordable than last month and saving buyers approximately $100 in monthly mortgage payments, according to the National Association of REALTORS®.

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

• New Listings decreased 18.3% to 1,481
• Pending Sales decreased 19.0% to 931
• Inventory increased 12.0% to 8,123

FOR THE MONTH OF JUNE:

• Median Sales Price increased 8.6% to $380,000
• Days on Market increased 5.0% to 21
• Percent of Original List Price Received decreased 0.8% to 103.3%
• Months Supply of Homes For Sale increased 23.1% to 1.6

All comparisons are to 2021

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