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 Week Ending May 2 Tags: Market DataWeekly Market Activity Reports

The Mortgage Bankers Association reported a 12% increase in mortgage applications last week, reversing a trend of falling activity due to the COVID-19 pandemic. While a positive sign of buyer interest and future home buying activity, application volume was still 20% lower than a year ago. Initial unemployment claims came in at a little more than 3.8 million for the week ending April 25th, which continues the decline seen in recent weeks but still significantly higher than prepandemic levels.

In the Twin Cities region, for the week ending May 2:

• New Listings decreased 28.6% to 1,476
• Pending Sales decreased 17.8% to 1,149
• Inventory decreased 12.2% to 9,413

For the month of March:

• Median Sales Price increased 8.0% to $297,000
• Days on Market decreased 7.6% to 61
• Percent of Original List Price Received increased 0.6% to 99.2%
• Months Supply of Homes For Sale decreased 10.0% to 1.8