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Mortgage Rates Jump Up

June 1, 2023
Mortgage rates jumped this week, as a buoyant economy has prompted the market to price-in the likelihood of another Federal Reserve rate hike. Although there has been a steady flow of purchase demand around rates in the low to mid six percent range, that demand is likely to weaken as rates approach seven percent.

Information provided by Freddie Mac.

Interest Rates

New Listings and Pending Sales

Listings and Pendings

Inventory

Inventory

Weekly Market Report

For Week Ending May 20, 2023

The number of homes available for sale was up 48.3% year-over-year in April, according to Realtor.com’s latest Monthly Housing Market Trends Report, although inventory remains well below pre-pandemic levels. Inventory increased in 42 out of 50 of the largest metros annually, with the typical home spending 41 days on market, up from 26 days the same time last year. Nationally, listing price growth has also softened, rising 2.85% year-over-year, the lowest rate of growth since April 2020.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 20:

  • New Listings decreased 21.9% to 1,630
  • Pending Sales decreased 28.6% to 1,063
  • Inventory decreased 7.3% to 6,629

FOR THE MONTH OF APRIL:

  • Median Sales Price decreased 0.3 percent to $369,000
  • Days on Market increased 64.3% to 46
  • Percent of Original List Price Received decreased 3.6% to 100.1%
  • Months Supply of Homes For Sale increased 33.3% to 1.6

All comparisons are to 2022

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

Weekly Report

Weekly Market Report

For Week Ending May 20, 2023

The number of homes available for sale was up 48.3% year-over-year in April, according to Realtor.com’s latest Monthly Housing Market Trends Report, although inventory remains well below pre-pandemic levels. Inventory increased in 42 out of 50 of the largest metros annually, with the typical home spending 41 days on market, up from 26 days the same time last year. Nationally, listing price growth has also softened, rising 2.85% year-over-year, the lowest rate of growth since April 2020.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 20:

  • New Listings decreased 21.9% to 1,630
  • Pending Sales decreased 28.6% to 1,063
  • Inventory decreased 7.3% to 6,629

FOR THE MONTH OF APRIL:

  • Median Sales Price decreased 0.3 percent to $369,000
  • Days on Market increased 64.3% to 46
  • Percent of Original List Price Received decreased 3.6% to 100.1%
  • Months Supply of Homes For Sale increased 33.3% to 1.6

All comparisons are to 2022

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

Weekly Report

Mortgage Rates Continue to Increase

May 25, 2023
The U.S. economy is showing continued resilience which, combined with debt ceiling concerns, led to higher mortgage rates this week. Dampened affordability remains an issue for interested homebuyers and homeowners seem unwilling to lose their low rate and put their home on the market. If this predicament continues to limit supply, it could open up an opportunity for builders to help address the country’s housing shortage.

Information provided by Freddie Mac.

Interest Rates

April Monthly Skinny Video

Monthly Skinny Video

New Listings and Pending Sales

Listings and Pendings

Inventory

Inventory

Weekly Market Report

For Week Ending May 13, 2023

May is the best month to sell a home, according to a recent analysis by ATTOM Data Solutions, which found that, on average, sellers saw a premium of 12.8% above market value when selling in May. June and April are the second and third best months to sell, with sellers receiving average premiums of 10.7% and 10.3%, respectively. The analysis studied over 51 million home sales between 2011 and 2022 and found that the largest premiums were achieved by sellers who sold in late spring and early summer.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 13:

  • New Listings decreased 26.1% to 1,422
  • Pending Sales decreased 13.0% to 1,128
  • Inventory decreased 2.3% to 6,500

FOR THE MONTH OF APRIL:

  • Median Sales Price decreased at $368,580
  • Days on Market increased 64.3% to 46
  • Percent of Original List Price Received decreased 3.6% to 100.1%
  • Months Supply of Homes For Sale increased 33.3% to 1.6

All comparisons are to 2022

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

Weekly Report

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Marty Siegel REALTOR, CRS,GRI

Direct: 952.844.6156
Cell: 612.670.3839
E-mail: TCRealtor@aol.com
Coldwell Banker Realty
7550 France Ave. S
Edina, MN 55435
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All information deemed reliable but not guaranteed and should be independently verified.

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