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Weekly Market Report

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For Week Ending September 24, 2022

Lumber prices plunged to their lowest level in more than two years following the Federal Reserve’s 75-basis-point rate hike last week, as soaring mortgage interest rates and the slowdown in the US housing market have caused lumber demand to cool rapidly this year. The Wall Street Journal reports lumber futures are down about one-third from a year ago and have fallen more than 70% from this year’s peak in March.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING SEPTEMBER 24:

  • New Listings decreased 20.2% to 1,273
  • Pending Sales decreased 29.4% to 983
  • Inventory increased 0.4% to 9,039

FOR THE MONTH OF AUGUST:

  • Median Sales Price increased 5.7% to $369,900
  • Days on Market increased 22.7% to 27
  • Percent of Original List Price Received decreased 2.4% to 99.9%
  • Months Supply of Homes For Sale increased 20.0% to 1.8

All comparisons are to 2021

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

Mortgage Rates Rise for the Sixth Consecutive Week

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September 29, 2022
The uncertainty and volatility in financial markets is heavily impacting mortgage rates. Our survey indicates that the range of weekly rate quotes for the 30-year fixed-rate mortgage has more than doubled over the last year. This means that for the typical mortgage amount, a borrower who locked-in at the higher end of the range would pay several hundred dollars more than a borrower who locked-in at the lower end of the range. The large dispersion in rates means it has become even more important for homebuyers to shop around with different lenders.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending September 17, 2022

Mortgage rates topped 6% the week ending 9/15, as hotter-than-expected inflation helped push rates to their highest level since 2008 amid growing recession concerns. According to Freddie Mac, mortgage rates are now double what they were this time last year, squeezing homebuyer budgets and causing home sales to slow under the weight of rising borrowing costs.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING SEPTEMBER 17:

  • New Listings decreased 20.5% to 1,424
  • Pending Sales decreased 31.3% to 908
  • Inventory increased 1.3% to 8,962

FOR THE MONTH OF AUGUST:

  • Median Sales Price increased 5.7% to $369,900
  • Days on Market increased 22.7% to 27
  • Percent of Original List Price Received decreased 2.4% to 99.9%
  • Months Supply of Homes For Sale increased 20.0% to 1.8

All comparisons are to 2021

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