Freddie Mac reported that cash-out refinancing activity surged 42% in 2020 compared to 2019, as homeowners cashed out $152.7 billion in home equity, the highest level since 2007. Low interest rates and strong appreciation in recent years proved attractive to cash-out refinance borrowers, who, on average, withdrew $50,000 in equity.
In the Twin Cities region, for the week ending March 13:
- New Listings decreased 22.0% to 1,391
- Pending Sales increased 4.8% to 1,252
- Inventory decreased 46.5% to 4,857
For the month of February:
- Median Sales Price increased 11.5% to $314,000
- Days on Market decreased 31.3% to 46
- Percent of Original List Price Received increased 2.1% to 100.1%
- Months Supply of Homes For Sale decreased 47.1% to 0.9
All comparisons are to 2020
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.