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.