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Monday Market Report for March 21st

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This week Fannie Mae, Freddie Mac, and the FHA suspended all foreclosures and evictions for 60 days in response to the continued COVID-19 outbreak, Further, the Federal Housing Finance Agency (FHFA) announced that borrowers with loans backed by Fannie Mae and Freddie Mac who face financial difficulties due to COVID-19 may be able to suspend their mortgage payments for up to 12 months. Impacted borrowers are urged to reach out to their mortgage companies to discuss their situation.

In the Twin Cities region, for the week ending March 21:

New Listings increased 16.0% to 1,688
Pending Sales increased 11.0% to 1,183
Inventory decreased 7.1% to 8,653

FOR THE MONTH OF FEBRUARY:

Median Sales Price increased 6.2% to $281,500
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

Publish Date: March 30, 2020 • All comparisons are to 2019