May 5, 2022
Mortgage rates resumed their climb this week as the 30-year fixed reached its highest point since 2009. While housing affordability and inflationary pressures pose challenges for potential buyers, house price growth will continue but is expected to decelerate in the coming months.
Information provided by Freddie Mac.
For Week Ending April 23, 2022
Home sales prices continue to reach new heights, and record gains in equity are motivating an increasing number of sellers to put their homes up for sale, according to Homelight’s 2022 Buyer and Seller Insights Report. With multiple offers common in many markets, many homeowners have high expectations when it comes to the sale of their home. More than 40% of sellers believe their home will sell for more than asking price, and about half of those surveyed expect to retain 30% or more of the sale price as a profit.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING APRIL 23:
FOR THE MONTH OF MARCH:
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
April 28, 2022
The combination of swift home price growth and the fastest mortgage rate increase in over forty years is finally affecting purchase demand. homebuyers navigating the current environment are coping in a variety of ways, including switching to adjustable-rate mortgages, moving away from expensive coastal cities, and looking to more affordable suburbs. We expect the decline in demand to soften home price growth to a more sustainable pace later this year.
Information provided by Freddie Mac.
For Week Ending April 16, 2022
Builder confidence softened for the fourth straight month in April, according to the National Association of Home Builders/Wells Fargo Housing Market Index, as escalating sales prices, higher construction costs, and increasing mortgage rates continue to impact housing affordability. With the average sales price of a new home upwards of $500,000 as of last measure, builders report sales traffic and sales conditions have fallen to their lowest points since last summer.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING APRIL 16:
FOR THE MONTH OF MARCH:
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
April 21, 2022
Mortgage rates increased for the seventh consecutive week, as Treasury yields continued to rise. While springtime is typically the busiest homebuying season, the upswing in rates has caused some volatility in demand. It continues to be a seller’s market, but buyers who remain interested in purchasing a home may find that competition has moderately softened.
Information provided by Freddie Mac.
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