Weekly Housing Market Activity Report for the Twin Cities

Weekly Housing Market Activity Report for the Twin Cities

For Week Ending May 7, 2022

Publish Date: May 16, 2022 • All comparisons are to 2021

Demand for adjustable-rate mortgages (ARMs) is rising, as buyers look to mitigate
higher monthly payments caused by record-high sales prices and surging mortgage
interest rates. Although less popular than fixed rate mortgages, ARMs offer
introductory rates lower than rates from conventional mortgages and currently
represent 11% of mortgage loans, up from 3% at the beginning of the year,
according to the Mortgage Bankers Association.
In the Twin Cities region, for the week ending May 7:
• New Listings decreased 5.7% to 1,808
• Pending Sales decreased 11.6% to 1,406
• Inventory decreased 5.2% to 5,811
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