News – Page 21

Weekly Market Report

November 14, 2022 by nimdajohnsondircus

For Week Ending November 5, 2022

With the average 30-year fixed-rate mortgage hovering around 7%, interest in adjustable-rate mortgages (ARM) continues to grow, as buyers look to save money any way they can. Freddie Mac reports the rate for a 5/1 ARM was a full point lower than the popular 30-year loan the week ending 11/4/22, while the share of homebuyers applying for ARMs has increased significantly since the start of the year, representing about 12% of total applications, according to the Mortgage Bankers Association.

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

New Listings decreased 22.4% to 965
Pending Sales decreased 37.4% to 751
Inventory increased 7.8% to 8,858

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 Rise Above Seven Percent

November 10, 2022 by nimdajohnsondircus

November 10, 2022
As the housing market adjusts to rapidly tightening monetary policy, mortgage rates again surpassed seven percent. The housing market is the most interest-rate sensitive segment of the economy, and the impact rates have on homebuyers continues to evolve. Home sales have declined significantly and, as we approach year-end, they are not expected to improve.

Information provided by Freddie Mac.

New Listings and Pending Sales

November 7, 2022 by nimdajohnsondircus

Inventory

November 7, 2022 by nimdajohnsondircus

Weekly Market Report

November 7, 2022 by nimdajohnsondircus

For Week Ending October 29, 2022

Seller profits are beginning to ease, as home sales dip and sales prices soften nationwide. According to ATTOM, profit margins on median-priced single-family home and condo sales fell 3% from the second to the third quarter of 2022 in nearly 70% of the 186 metropolitan areas tracked, representing the largest quarterly decline since 2011. Despite the drop, investment returns remain historically high, with profits up compared to the same period last year.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 29:

New Listings decreased 21.7% to 1,055
Pending Sales decreased 41.2% to 794
Inventory increased 5.4% to 9,015

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.

Dan Ward