Metro Homes Market

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Mortgage Rates Dip Under Seven Percent

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November 3, 2022
Mortgage rates continue to hover around seven percent, as the dynamics of a once-hot housing market have faded considerably. Unsure buyers navigating an unpredictable landscape keeps demand declining while other potential buyers remain sidelined from an affordability standpoint. Yesterday’s interest rate hike by the Federal Reserve will certainly inject additional lead into the heels of the housing market.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending October 22, 2022

As the housing market rebalances, many homeowners are finding they’re having to put more effort into selling their home to get the best deal possible compared to earlier in the pandemic, when conditions were different and a “For Sale” sign would often fetch multiple offers. Trends have changed, and with home sales down nationally, local REALTORS® are reporting a rise in price reductions, seller concessions, and homebuying contingencies, with a growing number of sellers needing to make repairs prior to sale.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 22:

  • New Listings decreased 20.8% to 1,105
  • Pending Sales decreased 34.2% to 827
  • Inventory increased 4.6% to 9,059

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

All comparisons are to 2021

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

Mortgage Rates Surpass Seven Percent

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October 27, 2022
The 30-year fixed-rate mortgage broke seven percent for the first time since April 2002, leading to greater stagnation in the housing market. As inflation endures, consumers are seeing higher costs at every turn, causing further declines in consumer confidence this month. In fact, many potential homebuyers are choosing to wait and see where the housing market will end up, pushing demand and home prices further downward.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending October 15, 2022

Median national rents fell slightly to $1,759 in September, marking the second consecutive month rents have dropped, according to a recent report from Realtor.com. Although median rents remain 7.8% higher than a year ago, it represents the smallest year-over-year increase and the slowest annual rate of growth since June 2021, suggesting the rental market may be cooling after the record-breaking pace of the last two years.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 15:

  • New Listings decreased 14.0% to 1,266
  • Pending Sales decreased 37.3% to 835
  • Inventory increased 4.0% to 9,071

FOR THE MONTH OF SEPTEMBER:

  • Median Sales Price increased 6.3% to $362,050
  • 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

All comparisons are to 2021

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

Mortgage Rates Slow Their Upward Trajectory

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October 20, 2022
The 30-year fixed-rate mortgage continues to remain just shy of seven percent and is adversely impacting the housing market in the form of declining demand. Additionally, homebuilder confidence has dropped to half what it was just six months ago and construction, particularly single-family residential construction, continues to slow down.

Information provided by Freddie Mac.