For Week Ending March 14, 2020

After hitting a record low last week, rates on 30-year fixed-rate mortgages rose slightly this week according to Freddie Mac. A combination of an increase in rates in the bond market and high demand for refinancing and purchase mortgages contributed to the uptick. Meanwhile, the continued spread of COVID-19 is leading many companies and consumers to change their daily activities. ShowingTime is closely monitoring the situation and releasing daily updates on changes in showing activity: https://www.showingtime.com/impact-of-coronavirus/

In the Twin Cities region, for the week ending March 14:

• New Listings increased 21.7% to 1,713
• Pending Sales increased 16.0% to 1,205
• Inventory decreased 8.7% to 8,364

For the month of February:

• Median Sales Price increased 6.2% to $281,570
• Days on Market decreased 2.9% to 67
• Percent of Original List Price Received increased 0.3% to 98.0%
• Months Supply of Homes For Sale decreased 11.1% to 1.6

All comparisons are to 2019

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