Mortgage rates have surged recently, jumping to 4.42% the week ending March 24, up more than a quarter of a percentage point compared to the previous week, Freddie Mac reports. Rates have increased 1.2% since January and are at the highest level in more than 3 years, with the typical homebuyer now spending $250 more per month to purchase a home, according to the National Association of REALTORS®.

In the Twin Cities region, for the week ending March 26:

• New Listings decreased 12.8% to 1,366
• Pending Sales decreased 12.8% to 1,178
• Inventory decreased 13.7% to 4,839

For the month of February:

• Median Sales Price increased 8.3% to $340,000
• Days on Market decreased 4.3% to 44
• Percent of Original List Price Received increased 0.7% to 100.8%
• Months Supply of Homes For Sale decreased 10.0% to 0.9

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