To help fight rising inflation, which hit 8.6% as of last measure, the Federal Reserve raised interest rates by three quarters of a percentage point, the largest interest rate hike in 28 years. The U.S. central bank will boost its short-term policy rate to 1.50% – 1.75%, increasing consumer borrowing costs on everything from credit cards to car loans. This marks the third rate increase this year, with the Fed planning additional rate increases throughout the year.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JUNE 11:
- New Listings decreased 7.7% to 1,820
- Pending Sales decreased 14.6% to 1,308
- Inventory increased 11.7% to 7,429
FOR THE MONTH OF MAY:
- Median Sales Price increased 9.0% to $375,000
- Days on Market decreased 4.2% to 23
- Percent of Original List Price Received increased 0.1% to 104.1%
- Months Supply of Homes For Sale increased 27.3% to 1.4
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.