For Week Ending June 18, 2022

The 30-year fixed rate mortgage averaged 5.78% the week ending 6/17, rising 55 basis points from the previous week and marking the largest one week increase since 1987, according to Freddie Mac. Mortgage rates are nearly double compared to this time last year, with rates spiking following the Federal Reserve’s recent decision to raise the benchmark interest rate by three quarters of a percentage point in order to help quash rising inflation.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JUNE 18:

• New Listings decreased 14.6% to 1,825
• Pending Sales decreased 11.6% to 1,377
• Inventory increased 7.8% to 7,687

FOR THE MONTH OF MAY:

• Median Sales Price increased 9.0% to $375,000
• Days on Market decreased 4.2% to 23
• Percent of Original List Price Received increased 0.1% to 104.1%
• Months Supply of Homes For Sale increased 27.3% to 1.4

All comparisons are to 2021

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

For Week Ending June 11, 2022

To help fight rising inflation, which hit 8.6% as of last measure, the Federal Reserve raised interest rates by three quarters of a percentage point, the largest interest rate hike in 28 years. The U.S. central bank will boost its short-term policy rate to 1.50% – 1.75%, increasing consumer borrowing costs on everything from credit cards to car loans. This marks the third rate increase this year, with the Fed planning additional rate increases throughout the year.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JUNE 11:

• New Listings decreased 7.7% to 1,820
• Pending Sales decreased 14.6% to 1,308
• Inventory increased 11.7% to 7,429

FOR THE MONTH OF MAY:

• Median Sales Price increased 9.0% to $375,000
• Days on Market decreased 4.2% to 23
• Percent of Original List Price Received increased 0.1% to 104.1%
• Months Supply of Homes For Sale increased 27.3% to 1.4

All comparisons are to 2021

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

For Week Ending June 4, 2022

The slowdown in the U.S. housing market is causing lumber prices to plummet. Nationally, lumber prices fell 12% the week ending June 3 and are down 47% year-to-date, representing a 65% decline from 2021’s record high of $1,733 per thousand board feet, according to the National Association of Home Builders (NAHB). That could be good news for prospective homebuyers, who have watched lumber prices skyrocket during the pandemic, adding more than $18,600 to the average price of a new single-family home in the past year.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JUNE 4:

• New Listings decreased 2.1% to 1,772
• Pending Sales decreased 13.7% to 1,077
• Inventory increased 7.9% to 6,968

FOR THE MONTH OF APRIL:

• Median Sales Price increased 10.0% to $370,000
• Days on Market decreased 9.7% to 28
• Percent of Original List Price Received increased 0.5% to 103.8%
• Months Supply of Homes For Sale increased 9.1% to 1.2

All comparisons are to 2021

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

For Week Ending May 28, 2022

Nationally, home sales and contract signings continue to soften compared to last year’s pace, while sellers are working quickly to list their homes and cash in on the remaining buyer demand. Realtor.com reports new listings are growing nearly twice as fast nationwide in May compared to this time a year ago, leading to a greater availability of homes for sale. As inventory inches upward and competition eases, sellers are having to adjust to the shifting landscape, with an increase in price reductions reported across many markets.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 28:

• New Listings increased 0.1% at 1,608
• Pending Sales decreased 15.4% to 1,451
• Inventory increased 4.6% to 6,772

FOR THE MONTH OF APRIL:

• Median Sales Price increased 10.0% to $370,000
• Days on Market decreased 9.7% to 28
• Percent of Original List Price Received increased 0.5% to 103.8%
• Months Supply of Homes For Sale remained flat at 1.1

All comparisons are to 2021

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

For Week Ending May 21, 2022

Rental prices continue to soar to new highs, with the median rent reaching $1,827 as of last measure, a 16.7% increase from the same time last year, according to Realtor.com. Rental units are in short supply and demand remains high, with real estate professionals reporting a surge in rental inquiries, applications, and showing activity across the nation. Bidding wars are becoming increasingly common in many rental home markets, causing some properties to rent for substantially over asking price.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 21:

• New Listings increased 3.4% to 2,008
• Pending Sales decreased 8.7% to 1,490
• Inventory increased 2.9% to 6,626

FOR THE MONTH OF APRIL:

• Median Sales Price increased 10.0% to $370,000
• Days on Market decreased 9.7% to 28
• Percent of Original List Price Received increased 0.5% to 103.8%
• Months Supply of Homes For Sale remained flat at 1.1

All comparisons are to 2021

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