Weekly Housing Market Activity Report for the Twin Cities

Weekly Housing Market Activity Report for the Twin Cities

For Week Ending November 5, 2022
Publish Date: November 14, 2022 • All comparisons are to 2021

adjustable-rate mortgages (ARM) continues to grow, as buyers look to save money
any way they can. Freddie Mac reports the rate for a 5/1 ARM was a full point lower
than the popular 30-year loan the week ending 11/4/22, while the share of
homebuyers applying for ARMs has increased significantly since the start of the
year, representing about 12% of total applications, according to the Mortgage
Bankers Association.
In the Twin Cities region, for the week ending November 5:
• New Listings decreased 22.4% to 965
• Pending Sales decreased 37.4% to 751
• Inventory increased 7.8% to 8,858
For the month of September:
• Median Sales Price increased 6.3% to $362,100
• Days on Market increased 39.1% to 32
• Percent of Original List Price Received decreased 2.3% to 98.9%
• Months Supply of Homes For Sale increased 18.8% to 1.9