For Week Ending December 2, 2023
Mortgage rates dropped for the fifth consecutive week, with the average 30-year fixed-rate mortgage declining to 7.22% the week ending November 30, 2023, the lowest level since September, according to Freddie Mac. As a result, mortgage applications increased 2.8% on a seasonally adjusted basis from the previous week, and were up 43% on an unadjusted basis, according to data from the Mortgage Bankers Association. Refinance activity also improved, rising 14% from the previous week, marking the strongest week in two months.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 2:
- New Listings increased 6.0% to 772
- Pending Sales decreased 2.6% to 648
- Inventory decreased 4.3% to 8,036
FOR THE MONTH OF OCTOBER:
- Median Sales Price increased 2.4% to $365,000
- Days on Market increased 2.8% to 37
- Percent of Original List Price Received increased 0.2% to 98.4%
- Months Supply of Homes For Sale increased 20.0% to 2.4
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.