For Week Ending June 6, 2020
Continued low mortgage rates have boosted mortgage applications from prospective home buyers. The Mortgage Bankers Association reported that mortgage applications to purchase a home rose 5% last week, which is 18% higher than applications a year ago. Mortgage applications were down as much as 35% from a year prior just six weeks ago, showing an incredible rebound from the impact of COVID-19.
In the Twin Cities region, for the week ending June 6:
- New Listings decreased 25.0% to 1,674
- Pending Sales decreased 5.6% to 1,418
- Inventory decreased 18.0% to 9,869
For the month of May:
- Median Sales Price increased 3.2% to $294,250
- Days on Market decreased 8.9% to 41
- Percent of Original List Price Received decreased 0.4% to 99.6%
- Months Supply of Homes For Sale decreased 20.0% to 2.0
All comparisons are to 2019
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.