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

Mortgage rates fell for the first time in five weeks, as the average 30-year fixed rate mortgage slid 0.06 percentage points to 6.88% the week ending March 7, 2024, according to Freddie Mac. The decline in rates helped mortgage applications increase 7.1% on a seasonally adjusted basis from the previous week, according to the Mortgage Bankers Association, while applications to purchase a home were up 5% from the previous week.

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

• New Listings increased 24.9% to 1,313
• Pending Sales increased 11.6% to 898
• Inventory increased 11.9% to 6,793

For the month of February:

• Median Sales Price increased 4.6% to $358,000
• Days on Market decreased 3.3% to 59
• Percent of Original List Price Received increased 0.3% to 97.5%
• Months Supply of Homes For Sale increased 28.6% to 1.8

FULL REPORT