Mortgage rates have surged recently, jumping to 4.42% the week ending March 24, up more than a quarter of a percentage point compared to the previous week, Freddie Mac reports. Rates have increased 1.2% since January and are at the highest level in more than 3 years, with the typical homebuyer now spending $250 more per month to purchase a home, according to the National Association of REALTORS®.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 26:
- New Listings decreased 12.8% to 1,366
- Pending Sales decreased 12.8% to 1,178
- Inventory decreased 13.7% to 4,839
FOR THE MONTH OF FEBRUARY:
- Median Sales Price increased 8.3% to $340,000
- Days on Market decreased 4.3% to 44
- Percent of Original List Price Received increased 0.7% to 100.8%
- Months Supply of Homes For Sale decreased 10.0% to 0.9
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.