Christine Hazel

Weekly Market Report

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For Week Ending March 5, 2022

The U.S. median listing price rose 12.9% year-over-year to a new high of $392,000 in February, exceeding the previous peak set in July 2021, according to Realtor.com’s Monthly Housing Trends Report. Despite rising sales prices, homes are disappearing in record time, with the typical U.S. home selling more than two weeks faster last month compared to the same period last year, and more than a month faster compared to February 2017 – 2019.

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

  • New Listings decreased 5.8% to 1,417
  • Pending Sales decreased 3.8% to 1,128
  • Inventory decreased 16.3% to 4,505

FOR THE MONTH OF JANUARY:

  • Median Sales Price increased 10.6% to $333,000
  • Days on Market decreased 2.4% to 41
  • Percent of Original List Price Received increased 0.1% to 99.6%
  • Months Supply of Homes For Sale decreased 20.0% to 0.8

All comparisons are to 2021

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

Mortgage Rates Rise

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March 10, 2022
Following two weeks of declines, mortgage rates rose this week as U.S. Treasury yields increased. Over the long-term, we expect rates to continue to rise as inflation broadens and shortages increasingly impact many segments of the economy. However, uncertainty about the war in Ukraine is driving rate volatility that likely will continue in the short-term.

Information provided by Freddie Mac.

Weekly Market Report

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For Week Ending February 26, 2022

Nationally, pending home sales decreased 5.7% as of last measure, marking the third consecutive month of declines according to the National Association of REALTORS®. With housing supply at a record low, buyers are finding fewer and fewer homes for sale, while rising mortgage rates and increased housing costs have priced out marginal buyers. Inventory levels are expected to improve gradually as the weather warms; in the meantime, economists say buyers should expect a challenging spring market.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 26:

  • New Listings decreased 12.7% to 1,104
  • Pending Sales decreased 15.1% to 964
  • Inventory decreased 16.9% to 4,469

FOR THE MONTH OF JANUARY:

  • Median Sales Price increased 10.6% to $333,000
  • Days on Market decreased 2.4% to 41
  • Percent of Original List Price Received increased 0.1% to 99.6%
  • Months Supply of Homes For Sale decreased 20.0% to 0.8

All comparisons are to 2021

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

Mortgage Rates Fall

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March 3, 2022
Geopolitical tensions caused U.S. Treasury yields to recede this week as investors moved to the safety of bonds, leading to a drop in mortgage rates. While inflationary pressures remain, the cascading impacts of the war in Ukraine have created market uncertainty. Consequently, rates are expected to stay low in the short-term but will likely increase in the coming months.

Information provided by Freddie Mac.