The U.S. real estate market remains hot ahead of the spring selling season, with existing home sales up 6.7% as of last measure. Experts attribute the growth in sales to an uptick in mortgage interest rates, as buyers rushed to lock down their home purchases before rates move higher. Even so, sales prices continue to rise with a Median Sales Price increase of 8.3 percent to $340,000 from this time last year.
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending March 19, 2022
Rising sales prices and a surge in mortgage rates haven’t been enough to cool demand and ease competition heading into the spring market. Agents are reporting homes are selling at lightning speed and often with multiple offers. According to the National Association of REALTORS®, 84% listings were on the market less than 30 days last month, with an average of 5 offers on each home sold, and 48% of offers above list price nationwide.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 19:
- New Listings decreased 6.8% to 1,370
- Pending Sales decreased 6.6% to 1,180
- Inventory decreased 14.6% to 4,713
FOR THE MONTH OF FEBRUARY:
- Median Sales Price increased 8.3% to $340,000
- Days on Market decreased 4.3% to 44
- Percent of Original List Price Received increased 0.7% to 100.8%
- Months Supply of Homes For Sale decreased 10.0% to 0.9
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Mortgage Rates Continue to Move Up
March 24, 2022
This week, the 30-year fixed-rate mortgage increased by more than a quarter of a percent as mortgage rates across all loan types continued to move up. Rising inflation, escalating geopolitical uncertainty and the Federal Reserve’s actions are driving rates higher and weakening consumers’ purchasing power. In short, the rise in mortgage rates, combined with continued house price appreciation, is increasing monthly mortgage payments and quickly affecting homebuyers’ ability to keep up with the market.
Information provided by Freddie Mac.
Existing Home Sales
New Listings and Pendings
Inventory
Weekly Market Report
For Week Ending March 12, 2022
Following a brief decline recently, mortgage interest rates are on the rise again, as the average 30-year fixed-rate mortgage jumped to 4.27% for the week ending March 11, the highest level since May 2019, according to the Mortgage Bankers Association. Mortgage rates are now a full percentage point higher than this time last year and continue to impact mortgage demand, in particular refinance applications, which were down 49% compared to the same week one year ago.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 12:
- New Listings decreased 10.1% to 1,313
- Pending Sales decreased 6.5% to 1,174
- Inventory decreased 14.0% to 4,671
FOR THE MONTH OF FEBRUARY:
- Median Sales Price increased 8.3% to $340,000
- Days on Market decreased 8.7% to 42
- Percent of Original List Price Received increased 0.7% to 100.8%
- Months Supply of Homes For Sale decreased 20.0% to 0.8
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Mortgage Rates Exceed Four Percent
March 17, 2022
The 30-year fixed-rate mortgage exceeded four percent for the first time since May of 2019. The Federal Reserve raising short-term rates and signaling further increases means mortgage rates should continue to rise over the course of the year. While home purchase demand has moderated, it remains competitive due to low existing inventory, suggesting high house price pressures will continue during the spring homebuying season.
Information provided by Freddie Mac.
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