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Mortgage Rates Jump Up

June 1, 2023 by Jim Emond

June 1, 2023
Mortgage rates jumped this week, as a buoyant economy has prompted the market to price-in the likelihood of another Federal Reserve rate hike. Although there has been a steady flow of purchase demand around rates in the low to mid six percent range, that demand is likely to weaken as rates approach seven percent.

Information provided by Freddie Mac.

Filed Under: Monthly Skinny Video

New Listings and Pending Sales

May 30, 2023 by Jim Emond

Filed Under: The Skinny

Inventory

May 30, 2023 by Jim Emond

Filed Under: Weekly Report

Weekly Market Report

May 30, 2023 by Jim Emond

For Week Ending May 20, 2023

The number of homes available for sale was up 48.3% year-over-year in April, according to Realtor.com’s latest Monthly Housing Market Trends Report, although inventory remains well below pre-pandemic levels. Inventory increased in 42 out of 50 of the largest metros annually, with the typical home spending 41 days on market, up from 26 days the same time last year. Nationally, listing price growth has also softened, rising 2.85% year-over-year, the lowest rate of growth since April 2020.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 20:

  • New Listings decreased 21.9% to 1,630
  • Pending Sales decreased 28.6% to 1,063
  • Inventory decreased 7.3% to 6,629

FOR THE MONTH OF APRIL:

  • Median Sales Price decreased 0.3 percent to $369,000
  • Days on Market increased 64.3% to 46
  • Percent of Original List Price Received decreased 3.6% to 100.1%
  • Months Supply of Homes For Sale increased 33.3% to 1.6

All comparisons are to 2022

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

Filed Under: Weekly Report

Mortgage Rates Continue to Increase

May 25, 2023 by Jim Emond

May 25, 2023
The U.S. economy is showing continued resilience which, combined with debt ceiling concerns, led to higher mortgage rates this week. Dampened affordability remains an issue for interested homebuyers and homeowners seem unwilling to lose their low rate and put their home on the market. If this predicament continues to limit supply, it could open up an opportunity for builders to help address the country’s housing shortage.

Information provided by Freddie Mac.

Filed Under: Monthly Skinny Video

April Monthly Skinny Video

May 25, 2023 by Jim Emond

Filed Under: Monthly Skinny Video

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