Weekly Market Activity Report for Week Ending May 6 Tags: Market DataWeekly Market Activity Reports

Mortgage interest rates fell slightly following the Federal Reserve’s recent decision to raise its benchmark short-term interest rate by a quarter percentage point this month, its 10th interest rate hike since March 2022. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.39% the week ending 5/4/23, up from 5.27% a year ago. Many economists expect mortgage interest rates will continue to soften over the year due to cooling inflation.

In the Twin Cities region, for the week ending May 6:

• New Listings decreased 18.2% to 1,533
• Pending Sales decreased 23.4% to 1,096
• Inventory increased at 6,325

For the month of March:

• Median Sales Price remained flat at $355,000
• Days on Market increased 65.7% to 58
• Percent of Original List Price Received decreased 4.0% to 98.6%
• Months Supply of Homes For Sale increased 36.4% to 1.5