Mortgage application activity nationwide recently dropped to its lowest pace in 25 years, according to the Mortgage Bankers Association (MBA), with purchase and refinance applications down considerably compared to this time last year, when mortgage rates were hovering around 3%. The sharp increase in rates has caused mortgage applications for purchase to decline 39% compared to the same week a year ago.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 8:
- New Listings decreased 16.8% to 1,260
- Pending Sales decreased 40.2% to 812
- Inventory increased 1.7% to 8,959
FOR THE MONTH OF SEPTEMBER:
- Median Sales Price increased 6.3% to $362,100
- Days on Market increased 39.1% to 32
- Percent of Original List Price Received decreased 2.3% to 98.9%
- Months Supply of Homes For Sale increased 18.8% to 1.9
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.