Monday Market Report for May 23rd

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Mortgage rates have now been below 3.30 percent for four consecutive weeks, according to the latest update from Freddie Mac. These near-record low rates have been a catalyst for the recovering buyer activity in the housing market while sellers continue to maintain a little more cautious approach.

In the Twin Cities region, for the week ending May 23:

New Listings decreased 11.7% to 1,668
Pending Sales decreased 11.0% to 1,453
Inventory decreased 17.1% to 9,764

FOR THE MONTH OF APRIL:

Median Sales Price increased 8.9% to $305,000
Days on Market decreased 17.5% to 47
Percent of Original List Price Received increased 0.5% to 99.9%
Months Supply of Homes For Sale decreased 9.1% to 2.0

Publish Date: June 1, 2020 • All comparisons are to 2019