Mortgage application volume increased 20% from one week earlier, according to the Mortgage Bankers Association, as a drop in rates caused a spike in demand. Purchase applications rose 9% from the previous week and were 24% higher than the same week a year ago, while refinance applications increased 35% from the previous week and were up 93% from the same week a year ago.
In the Twin Cities region, for the week ending April 5:
- New Listings increased 8.4% to 1,534
- Pending Sales increased 18.7% to 1,043
- Inventory increased 4.0% to 7,788
For the Month of February:
- Median Sales Price increased 6.1% to $380,000
- Days on Market increased 16.9% to 69
- Percent of Original List Price Received increased 0.2% to 97.7%
- Months Supply of Homes For Sale increased 5.3% to 2.0