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Weekly Market Activity Report for Week Ending March 28 Tags: Weekly Market Activity Reports

This week was heavily influenced by the ongoing impacts from the spread of COVID19. Washington passed a $2.2 trillion stimulus package and news broke that 3.28
million people filed for unemployment benefits last week—nearly five times the
previous weekly record. As more businesses temporarily close due to the growing
outbreak, even higher unemployment filings are expected in coming weeks. As
many begin or continue to shelter at home, real estate activity is slowing down right
along with the rest of the economy.

In the Twin Cities region, for the week ending March 28:

• New Listings decreased 5.8% to 1,422
• Pending Sales decreased 5.4% to 1,131
• Inventory decreased 7.0% to 8,843

For the month of February:

• Median Sales Price increased 6.2% to $281,570
• Days on Market decreased 2.9% to 67
• Percent of Original List Price Received increased 0.3% to 98.0%
• Months Supply of Homes For Sale decreased 11.1% to 1.6