Weekly Market Activity Report for Week Ending July 9 Tags: Market DataWeekly Market Activity Reports

Homebuyers felt a tinge of relief recently as mortgage rates softened somewhat, with the 30-year fixed-rate mortgage falling from 5.7% to 5.3% the week ending July 7, the biggest one week decline since 2008, according to Freddie Mac. Over the past two weeks mortgage rates have dropped by half a percent, making homebuying about 5% more affordable than last month and saving buyers approximately $100 in monthly mortgage payments, according to the National Association of REALTORS®.

In the Twin Cities region, for the week ending July 9:

• New Listings decreased 18.3% to 1,481
• Pending Sales decreased 19.0% to 931
• Inventory increased 12.0% to 8,123

For the month of June:

• Median Sales Price increased 8.6% to $380,000
• Days on Market increased 5.0% to 21
• Percent of Original List Price Received decreased 0.8% to 103.3%
• Months Supply of Homes For Sale increased 23.1% to 1.6