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Weekly Market Report

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For Week Ending June 25, 2022

Skyrocketing rents and surging homeownership costs are forcing many prospective buyers to remain in the rental market. With the national median existing-home price recently exceeding $400,000, and assuming a down payment of 3.5%, buyers would need to come up with $14,000 down toward the typical median-priced home. That’s a significant challenge for millions of renters, whom have a median savings of $1,500 or less, according to Harvard researchers’ State of the Nation’s Housing 2022 report.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JUNE 25:

  • New Listings decreased 4.5% to 1,825
  • Pending Sales decreased 25.0% to 1,221
  • Inventory increased 6.8% to 7,974

FOR THE MONTH OF MAY:

  • Median Sales Price increased 9.0% to $375,000
  • Days on Market decreased 4.2% to 23
  • Percent of Original List Price Received increased 0.1% to 104.1%
  • Months Supply of Homes For Sale increased 27.3% to 1.4

All comparisons are to 2021

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

Mortgage Rates Pause from their Ascent

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June 30, 2022
The rapid rise in mortgage rates has finally paused, largely due to the countervailing forces of high inflation and the increasing possibility of an economic recession. This pause in rate activity should help the housing market rebalance from the breakneck growth of a seller’s market to a more normal pace of home price appreciation.

Information provided by Freddie Mac.