For Week Ending September 9, 2023
Mortgage applications fell to their lowest level since 1996, with total mortgage applications dropping 0.8% from the previous week, according to the Mortgage Bankers Association (MBA), as higher mortgage interest rates continue to take their toll on market participants. Applications to purchase a home were 27% lower than the same week a year ago, while demand for refinances was down 31% compared to the same week last year.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING SEPTEMBER 9:
- New Listings decreased 2.4% to 1,400
- Pending Sales decreased 16.7% to 692
- Inventory decreased 10.3% to 8,239
FOR THE MONTH OF AUGUST:
- Median Sales Price increased 2.7% to $380,000
- Days on Market increased 18.5% to 32
- Percent of Original List Price Received increased 0.1% to 100.0%
- Months Supply of Homes For Sale increased 15.8% to 2.2
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.