Mortgage rates topped 6% the week ending 9/15, as hotter-than-expected inflation helped push rates to their highest level since 2008 amid growing recession concerns. According to Freddie Mac, mortgage rates are now double what they were this time last year, squeezing homebuyer budgets and causing home sales to slow under the weight of rising borrowing costs.
In the Twin Cities region, for the week ending September 17:
• New Listings decreased 20.5% to 1,424
• Pending Sales decreased 31.3% to 908
• Inventory increased 1.3% to 8,962
For the month of August:
• Median Sales Price increased 5.7% to $369,900
• Days on Market increased 22.7% to 27
• Percent of Original List Price Received decreased 2.4% to 99.9%
• Months Supply of Homes For Sale increased 20.0% to 1.8