November 3, 2022
Mortgage rates continue to hover around seven percent, as the dynamics of a once-hot housing market have faded considerably. Unsure buyers navigating an unpredictable landscape keeps demand declining while other potential buyers remain sidelined from an affordability standpoint. Yesterday’s interest rate hike by the Federal Reserve will certainly inject additional lead into the heels of the housing market.
Information provided by Freddie Mac.
For Week Ending October 22, 2022
As the housing market rebalances, many homeowners are finding they’re having to put more effort into selling their home to get the best deal possible compared to earlier in the pandemic, when conditions were different and a “For Sale” sign would often fetch multiple offers. Trends have changed, and with home sales down nationally, local REALTORS® are reporting a rise in price reductions, seller concessions, and homebuying contingencies, with a growing number of sellers needing to make repairs prior to sale.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 22:
FOR THE MONTH OF SEPTEMBER:
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
October 27, 2022
The 30-year fixed-rate mortgage broke seven percent for the first time since April 2002, leading to greater stagnation in the housing market. As inflation endures, consumers are seeing higher costs at every turn, causing further declines in consumer confidence this month. In fact, many potential homebuyers are choosing to wait and see where the housing market will end up, pushing demand and home prices further downward.
Information provided by Freddie Mac.
Licensed In Minnesota
All information deemed reliable but not guaranteed and should be independently verified.
2016 Dan Ward
