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Vipul Goel

Weekly Market Report

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For Week Ending July 23, 2022

Mortgage applications declined for the fourth straight week, falling 1.8 percent from the previous week and marking the lowest level of activity since February 2000, according to the Mortgage Bankers Association. Increasing mortgage rates, escalating sales prices, and decades-high inflation continue to hinder affordability, putting homeownership on hold for many prospective buyers.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JULY 23:

  • New Listings decreased 13.5% to 1,607
  • Pending Sales decreased 25.1% to 1,142
  • Inventory increased 9.7% to 8,729

FOR THE MONTH OF JUNE:

  • Median Sales Price increased 8.6% to $380,000
  • Days on Market increased 5.0% to 21
  • Percent of Original List Price Received decreased 0.8% to 103.3%
  • Months Supply of Homes For Sale increased 23.1% to 1.6

All comparisons are to 2021

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

Mortgage Rates Continue to Fluctuate

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July 28, 2022
Purchase demand continues to tumble as the cumulative impact of higher rates, elevated home prices, increased recession risk, and declining consumer confidence take a toll on homebuyers. It’s clear that over the past two years, the combination of the pandemic, record low mortgage rates, and the opportunity to work remotely spurred greater demand. Now, as the market adjusts to a higher rate environment, we are seeing a period of deflated sales activity until the market normalizes.

Information provided by Freddie Mac.

Solitaire Realty Inc.

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