Weekly Market Report


For Week Ending June 6, 2020

Continued low mortgage rates have boosted mortgage applications from prospective home buyers. The Mortgage Bankers Association reported that mortgage applications to purchase a home rose 5% last week, which is 18% higher than applications a year ago. Mortgage applications were down as much as 35% from a year prior just six weeks ago, showing an incredible rebound from the impact of COVID-19.

In the Twin Cities region, for the week ending June 6:

  • New Listings decreased 25.0% to 1,674
  • Pending Sales decreased 5.6% to 1,418
  • Inventory decreased 18.0% to 9,869

For the month of May:

  • Median Sales Price increased 3.2% to $294,250
  • Days on Market decreased 8.9% to 41
  • Percent of Original List Price Received decreased 0.4% to 99.6%
  • Months Supply of Homes For Sale decreased 20.0% to 2.0

All comparisons are to 2019

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

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