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For Week Ending April 23, 2022

Home sales prices continue to reach new heights, and record gains in equity are motivating an increasing number of sellers to put their homes up for sale, according to Homelight’s 2022 Buyer and Seller Insights Report. With multiple offers common in many markets, many homeowners have high expectations when it comes to the sale of their home. More than 40% of sellers believe their home will sell for more than asking price, and about half of those surveyed expect to retain 30% or more of the sale price as a profit.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING APRIL 23:

• New Listings decreased 0.6% to 1,759
• Pending Sales decreased 22.8% to 1,176
• Inventory decreased 10.9% to 5,278

FOR THE MONTH OF MARCH:

• Median Sales Price increased 7.8% to $354,000
• 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.

For Week Ending April 16, 2022

Builder confidence softened for the fourth straight month in April, according to the National Association of Home Builders/Wells Fargo Housing Market Index, as escalating sales prices, higher construction costs, and increasing mortgage rates continue to impact housing affordability. With the average sales price of a new home upwards of $500,000 as of last measure, builders report sales traffic and sales conditions have fallen to their lowest points since last summer.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING APRIL 16:

• New Listings decreased 12.8% to 1,454
• Pending Sales decreased 6.3% to 1,406
• Inventory decreased 13.2% to 5,103

FOR THE MONTH OF MARCH:

• Median Sales Price increased 7.8% to $354,000
• 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.

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.