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Weekly Market Activity Report for Week Ending March 12 Tags: Market DataWeekly Market Activity Reports

Following a brief decline recently, mortgage interest rates are on the rise again, as the average 30-year fixed-rate mortgage jumped to 4.27% for the week ending March 11, the highest level since May 2019, according to the Mortgage Bankers Association. Mortgage rates are now a full percentage point higher than this time last year and continue to impact mortgage demand, in particular refinance applications, which were down 49% compared to the same week one year ago.

In the Twin Cities region, for the week ending March 12:

  • New Listings decreased 10.1% to 1,313
  • Pending Sales decreased 6.5% to 1,174
  • Inventory decreased 14.0% to 4,671

For the month of February:

  • Median Sales Price increased 8.3% to $340,000
  • Days on Market decreased 8.7% to 42
  • Percent of Original List Price Received increased 0.7% to 100.8%
  • Months Supply of Homes For Sale decreased 20.0% to 0.8