Metro Homes Market

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Mortgage Rates Continue to Move Up

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September 1, 2022
The market’s renewed perception of a more aggressive monetary policy stance has driven mortgage rates up to almost double what they were a year ago. The increase in mortgage rates is coming at a particularly vulnerable time for the housing market as sellers are recalibrating their pricing due to lower purchase demand, likely resulting in continued price growth deceleration.

Weekly Market Report

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For Week Ending August 20, 2022

Rents continue to soar to new highs amid low vacancy rates, with the median rent hitting $1,879 in the 50 largest U.S. metropolitan areas in July, a 12.3% increase from the same time last year, according to a recent report from Realtor.com. Although rents remain elevated, rent growth appears to be slowing, having increased only $3 from June to July, with tenants in urban areas typically seeing higher rent hikes compared to those in the suburbs.

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

  • New Listings decreased 27.3% to 1,326
  • Pending Sales decreased 23.5% to 1,138
  • Inventory increased 5.1% to 8,953

FOR THE MONTH OF JULY:

  • Median Sales Price increased 7.1% to $375,000
  • Days on Market increased 15.8% to 22
  • Percent of Original List Price Received decreased 2.0% to 101.5%
  • Months Supply of Homes For Sale increased 20.0% to 1.8

All comparisons are to 2021

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

Mortgage Rates Increase

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August 25, 2022
The combination of higher mortgage rates and the slowdown in economic growth is weighing on the housing market. Home sales continue to decline, prices are moderating, and consumer confidence is low. But, amid waning demand, there are still potential homebuyers on the sidelines waiting to jump back into the market.

Information provided by Freddie Mac.