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Weekly Market Report

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For Week Ending July 9, 2022

Homebuyers felt a tinge of relief recently as mortgage rates softened somewhat, with the 30-year fixed-rate mortgage falling from 5.7% to 5.3% the week ending July 7, the biggest one week decline since 2008, according to Freddie Mac. Over the past two weeks mortgage rates have dropped by half a percent, making homebuying about 5% more affordable than last month and saving buyers approximately $100 in monthly mortgage payments, according to the National Association of REALTORS®.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 9:

  • New Listings decreased 18.3% to 1,481
  • Pending Sales decreased 19.0% to 931
  • Inventory increased 12.0% to 8,123

FOR THE MONTH OF JUNE:

  • Median Sales Price increased 8.6% to $380,000
  • Days on Market increased 5.0% to 21
  • Percent of Original List Price Received decreased 0.8% to 103.3%
  • Months Supply of Homes For Sale increased 23.1% to 1.6

All comparisons are to 2021

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

Mortgage Rates Shift Upward

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July 14, 2022
Mortgage rates are volatile as economic growth slows due to fiscal and monetary drags. With rates the highest in over a decade, home prices at escalated levels, and inflation continuing to impact consumers, affordability remains the main obstacle to homeownership for many Americans.

Information provided by Freddie Mac.