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Weekly Market Activity Report for Week Ending July 15 Tags: Market DataWeekly Market Activity Reports

As fixed-rate mortgages rise, adjustable-rate mortgages (ARM) have become an increasingly popular option among homebuyers, especially for borrowers taking out loans exceeding $1 million. According to recent data from Corelogic, ARMs comprised 18.6% of the dollar volume of conventional single-family mortgage originations at last measure, up from a low of 4% in January 2021. For mortgage originations exceeding $1 million, however, ARMs comprised 45% of the dollar volume, a 6% increase compared to the same period last year.

In the Twin Cities region, for the week ending July 15:

•New Listings decreased 15.2% to 1,527
•Pending Sales decreased 4.7% to 1,067
•Inventory decreased 14.3% to 7,674

For the month of June:

•Median Sales Price increased 0.5% to $382,000
•Days on Market increased 47.6% to 31
•Percent of Original List Price Received decreased 1.9% to 101.3%
•Months Supply of Homes For Sale increased 17.6% to 2.0