Monday, June 6th, 2022
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.
Posted in Inventory
Thursday, June 2nd, 2022
June 2, 2022
Mortgage rates continued to inch downward this week but are still significantly higher than last year, affecting affordability and purchase demand. Heading into the summer, the potential homebuyer pool has shrunk, supply is on the rise and the housing market is normalizing. This is welcome news following unprecedented market tightness over the last couple years.
Information provided by Freddie Mac.
Posted in Interest Rates
Tuesday, May 31st, 2022
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.
Posted in Inventory
Thursday, May 26th, 2022
May 26, 2022
Mortgage rates decreased for the second week in a row due to multiple headwinds that the economy is facing. Despite the recent moderation in rates, the housing market has clearly slowed, and the deceleration is spreading to other segments of the economy, such as consumer spending on durable goods.
Information provided by Freddie Mac.
Posted in Interest Rates
Monday, May 23rd, 2022
For Week Ending May 14, 2022
With home prices and mortgage rates continuing to rise, down payments are increasing nationwide, as buyers aim to lower their monthly mortgage costs and make their offer more attractive to sellers. According to Realtor.com, buyers averaged a $28,000 down payment in the first quarter of 2022, averaging 13.1% of the purchase price, compared to the first quarter of 2020, when down payments averaged $14,000, with buyers paying about 11% of the purchase price.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 14:
- New Listings decreased 6.2% to 1,875
- Pending Sales decreased 19.3% to 1,280
- Inventory decreased 2.9% to 6,152
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.
Posted in Inventory
