Mortgage activity surged the week ending September 13, 2024, as falling interest rates boost borrower demand nationwide. The Mortgage Bankers Association reports mortgage loan application volume increased 14.2% on a seasonally adjusted basis from the previous week, with purchase applications up 5%, while refinance applications jumped 24% from one week earlier.
In the Twin Cities region, for the week ending September 14:
•New Listings decreased 0.6% to 1,433
•Pending Sales decreased 5.1% to 856
•Inventory increased 11.4% to 10,002
For the month of August:
•Median Sales Price increased 2.2% to $388,500
•Days on Market increased 21.2% to 40
•Percent of Original List Price Received decreased 1.3% to 98.7%
•Months Supply of Homes For Sale increased 17.4% to 2.7