For Week Ending May 16, 2020

More than 4.1 million homeowners are now in mortgage forbearance plans, according to the Mortgage Bankers Association’s latest survey. Homeowners affected by COVID-19 with a federally backed home loan can delay mortgage payments for up to a year as part of the CARES Act passed by Congress. While the latest numbers are an increase from last week, it was the smallest increase since March 10th.

In the Twin Cities region, for the week ending May 16:

• New Listings decreased 27.5% to 1,599
• Pending Sales decreased 8.0% to 1,341
• Inventory decreased 13.6% to 9,791

For the month of April:

• Median Sales Price increased 8.9% to $305,000
• Days on Market decreased 17.5% to 47
• Percent of Original List Price Received increased 0.5% to 99.9%
• Months Supply of Homes For Sale decreased 13.6% to 1.9

All comparisons are to 2019

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