MAR will be closed on Monday, May 27 in honor of Memorial Day. Regular hours and service will resume Tuesday, May 28.
Weekly Market Activity Report for Week Ending May 7, 2022 Tags: Market DataWeekly Market Activity Reports

Demand for adjustable-rate mortgages (ARMs) is rising, as buyers look to mitigate higher monthly payments caused by record-high sales prices and surging mortgage interest rates. Although less popular than fixed-rate mortgages, ARMs offer introductory rates lower than rates from conventional mortgages and currently represent 11% of mortgage loans, up from 3% at the beginning of the year, according to the Mortgage Bankers Association.

In the Twin Cities region, for the week ending May 7:

  • New Listings decreased 5.7% to 1,808
  • Pending Sales decreased 11.6% to 1,406
  • Inventory decreased 5.2% to 5,811

For the month of April:

  • Median Sales Price increased 10.0% to $370,000
  • Days on Market decreased 9.7% to 28
  • Percent of Original List Price Received increased 0.5% to 103.8%
  • Months Supply of Homes For Sale remained flat at 1.1