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