Weekly Housing Market Activity Report for the Twin Cities

Weekly Housing Market Activity Report for the Twin Cities

For Week Ending September 10, 2022
Publish Date: September 19, 2022 • All comparisons are to 2021

the weight of higher mortgage interest rates and elevated sales prices. With rates
now double what they were a year ago, many experts believe additional price
declines are on the horizon. According to Moody’s Analytics, more than half of the
nation’s largest regional housing markets were overvalued by more than 25% in the
second quarter of 2022, making these areas at risk of price declines of 15% - 20%
over the next 12 – 18 months.
In the Twin Cities region, for the week ending September 10:
• New Listings decreased 18.8% to 1,407
• Pending Sales decreased 29.8% to 816
• Inventory increased 1.9% to 8,678
For the month of August:
• Median Sales Price increased 5.7% to $369,900
• Days on Market increased 22.7% to 27
• Percent of Original List Price Received decreased 2.4% to 99.9%
• Months Supply of Homes For Sale increased 20.0% to 1.8