Metro Homes Market

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Archives for February 2022

Mortgage Rates Continue to Jump

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February 17, 2022
Mortgage rates jumped again due to high inflation and stronger than expected consumer spending. The 30-year fixed-rate mortgage is nearing four percent, reaching highs we have not seen since May 2019. As rates and house prices rise, affordability has become a substantial hurdle for potential homebuyers, especially as inflation threatens to place a strain on consumer budgets.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending February 5, 2022

Despite falling temperatures and a surge in COVID-19 cases across the country, the U.S. real estate market remains active, with homes selling in record time due to robust buyer demand and a shortage of housing options. With inventory down 28.4% compared to a year ago, the average home spent just 61 days on the market in January, a 14% drop from last year and the fastest pace of any January on record, according to Realtor.com’s monthly housing report.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 5:

  • New Listings decreased 15.3% to 1,018
  • Pending Sales decreased 19.1% to 883
  • Inventory decreased 21.2% to 4,341

FOR THE MONTH OF DECEMBER:

  • Median Sales Price increased 8.0% to $331,420
  • Days on Market decreased 12.8% to 34
  • Percent of Original List Price Received decreased 0.2% to 99.5%
  • Months Supply of Homes For Sale decreased 18.2% to 0.9

All comparisons are to 2021

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

Mortgage Rates Jump

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February 10, 2022
The normalization of the economy continues as mortgage rates jumped to the highest level since the emergence of the pandemic. Rate increases are expected to continue due to a strong labor market and high inflation, which likely will have an adverse impact on homebuyer demand.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending January 29, 2022

Home seller profits increased in more than 90% of housing markets last year, the highest level since 2008, according to ATTOM Data Solutions’ Year-End 2021 U.S. Home Sales Report. On average, sellers saw a profit of $94,092 on a typical median-priced home in 2021, an increase of 45% from 2020 and up 71% from 2019. Sellers saw a 45.3% return on investment compared to the original purchase price, with the highest profits found among sellers in western states.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 29:

  • New Listings decreased 17.8% to 850
  • Pending Sales decreased 12.8% to 826
  • Inventory decreased 21.2% to 4,432

FOR THE MONTH OF DECEMBER:

  • Median Sales Price increased 7.9% to $331,270
  • Days on Market decreased 12.8% to 34
  • Percent of Original List Price Received decreased 0.2% to 99.5%
  • Months Supply of Homes For Sale decreased 18.2% to 0.9

All comparisons are to 2021

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