For Week Ending March 4, 2023
According to recent data from Black Knight, more than 40% of US mortgages originated in 2020 – 2021, with almost 25% of all current home loans originating in 2021, when the pandemic helped mortgage rates tumble to historic lows. What’s more, nearly 65% of mortgages are at rates of 4% or below, offering little incentive for many current homeowners to sell their homes now that borrowing costs are significantly higher.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 4:
- New Listings decreased 23.2% to 1,126
- Pending Sales decreased 36.1% to 751
- Inventory increased 11.3% to 5,539
FOR THE MONTH OF JANUARY:
- Median Sales Price increased 2.7% to $342,000
- Days on Market increased 46.3% to 60
- Percent of Original List Price Received decreased 3.6% to 96.0%
- Months Supply of Homes For Sale increased 55.6% to 1.4
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.