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Mortgage Rates Increase

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June 9, 2022
After little movement the last few weeks, mortgage rates rose again on the back of increased economic activity and incoming inflation data. The housing market is incredibly rate-sensitive, so as mortgage rates increase suddenly, demand again is pulling back. The material decline in purchase activity, combined with the rising supply of homes for sale, will cause a deceleration in price growth to more normal levels, providing some relief for buyers still interested in purchasing a home.

Information provided by Freddie Mac.

Weekly Market Report

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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.

Mortgage Rates Stay Relatively Flat

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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.