Weekly Housing Market Activity Report for the Twin Cities

Weekly Housing Market Activity Report for the Twin Cities

For Week Ending April 9, 2022
Publish Date: April 18, 2022 • All comparisons are to 2021
Rising mortgage interest rates are taking a toll on borrowers, having increased
more than 1.5 points since the beginning of the year, the fastest three-month rate
increase since 1994, according to Freddie Mac. The recent surge in mortgage rates
has caused a decline in mortgage demand, with the Mortgage Bankers Association
(MBA) reporting the Refinance Index is down 62% compared to a year ago, while
the unadjusted Purchase Index is 6% lower compared to this time last year.
In the Twin Cities region, for the week ending April 9:
• New Listings decreased 13.8% to 1,503
• Pending Sales increased 3.3% to 1,326
• Inventory decreased 12.1% to 4,990
For the month of March:
• Median Sales Price increased 7.8% to $353,950
• Days on Market decreased 10.3% to 35
• Percent of Original List Price Received increased 0.8% to 102.7%
• Months Supply of Homes For Sale remained flat at 1.0