Welcome to TeamEmond

Weekly Market Report

by

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

by

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.