Bruce Erickson

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Over fifteen years of real estate experience in Minneapolis ans surrounding communities.

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Weekly Market Report

February 13, 2023 by nimdaerickson

For Week Ending February 4, 2023

Mortgage rates continued their downward trend, with the 30-year fixed-rate mortgage averaging 6.09% the week ending 2/2/23, according to Freddie Mac. Mortgage rates have declined steadily for the past 4 weeks and are now at their lowest level since their peak in November, when rates hit 7.08%. The drop in rates could save homebuyers hundreds of dollars on their monthly mortgage payments and may provide a boost in home sales ahead of the spring selling season.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 4:

  • New Listings decreased 28.9% to 762
  • Pending Sales decreased 23.0% to 695
  • Inventory increased 18.3% to 5,776

FOR THE MONTH OF DECEMBER:

  • Median Sales Price increased 5.1% to $348,320
  • Days on Market increased 47.1% to 50
  • Percent of Original List Price Received decreased 3.2% to 96.3%
  • Months Supply of Homes For Sale increased 55.6% to 1.4

All comparisons are to 2022

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Filed Under: Inventory

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