For Week Ending January 8, 2022

Mortgage rates rose to their highest level since May 2020, with the 30-year fixed rate mortgage averaging 3.22% during the first week of 2022, more than half a percent higher than January 2021. The increase in interest rates has had little effect on buyer demand, which remains high into the new year, as purchase loan applications were up 1.4% on a seasonally adjusted basis the same week, according to the Mortgage Bankers Association’s Market Composite Index.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 8:

• New Listings decreased 16.2% to 814
• Pending Sales decreased 19.1% to 541
• Inventory decreased 22.5% to 4,493

FOR THE MONTH OF DECEMBER:

• Median Sales Price increased 7.9% to $331,200
• Days on Market decreased 15.4% to 33
• Percent of Original List Price Received decreased 0.2% to 99.5%
• Months Supply of Homes For Sale decreased 27.3% to 0.8

All comparisons are to 2021

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

For Week Ending January 1, 2022

After a brief moderation last spring and summer, lumber prices are on the rise again. According to the National Association of Home Builders, lumber prices have nearly tripled the past 4 months, adding more than $18,600 to the price of the average new single-family home. The COVID-19 pandemic continues to impact the lumber market, with the most recent surge in prices due to supply chain disruptions, sharp increases of tariffs on Canadian lumber imports, and record wildfires in the western U.S. and British Columbia.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 1:

• New Listings decreased 26.5% to 403
• Pending Sales decreased 17.7% to 567
• Inventory decreased 21.8% to 4,890

FOR THE MONTH OF NOVEMBER:

• Median Sales Price increased 9.6% to $339,900
• Days on Market decreased 11.8% to 30
• Percent of Original List Price Received decreased 0.4% to 99.8%
• Months Supply of Homes For Sale decreased 14.3% to 1.2

All comparisons are to 2021

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