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Twin Cities Real Estate

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Weekly Market Report

April 18, 2022 by Jim Callahan

For Week Ending April 9, 2022

Rising mortgage interest rates are taking a toll on borrowers, having increased more than 1.5 points since the beginning of the year, the fastest three-month rate increase since 1994, according to Freddie Mac. The recent surge in mortgage rates has caused a decline in mortgage demand, with the Mortgage Bankers Association (MBA) reporting the Refinance Index is down 62% compared to a year ago, while the unadjusted Purchase Index is 6% lower compared to this time last year.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING APRIL 9:

  • New Listings decreased 13.8% to 1,503
  • Pending Sales increased 3.3% to 1,326
  • Inventory decreased 12.1% to 4,990

FOR THE MONTH OF MARCH:

  • Median Sales Price increased 7.8% to $353,950
  • Days on Market decreased 10.3% to 35
  • Percent of Original List Price Received increased 0.8% to 102.7%
  • Months Supply of Homes For Sale remained flat at 1.0

All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Filed Under: Inventory

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