Christine Hazel

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Weekly Market Report

May 16, 2022 by Christine Hazel

For Week Ending May 7, 2022

Demand for adjustable-rate mortgages (ARMs) is rising, as buyers look to mitigate higher monthly payments caused by record-high sales prices and surging mortgage interest rates. Although less popular than fixed rate mortgages, ARMs offer introductory rates lower than rates from conventional mortgages and currently represent 11% of mortgage loans, up from 3% at the beginning of the year, according to the Mortgage Bankers Association.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 7:

  • New Listings decreased 5.7% to 1,808
  • Pending Sales decreased 11.6% to 1,406
  • Inventory decreased 5.2% to 5,811

FOR THE MONTH OF APRIL:

  • Median Sales Price increased 10.0% to $370,000
  • Days on Market decreased 9.7% to 28
  • Percent of Original List Price Received increased 0.5% to 103.8%
  • Months Supply of Homes For Sale remained flat at 1.1

All comparisons are to 2021

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

Filed Under: Inventory

Christine Hazel

Christine Hazel is a full-time, dedicated Realtor licensed in Minnesota with more than 10 years of real estate experience and success... (read more)

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