Twin Cities Market Update – June 19, 2020

Continued low mortgage rates have boosted mortgage applications from prospective home buyers. The Mortgage Bankers Association reported that mortgage applications to purchase a home rose 5% last week, which is 18% higher than applications a year ago. Mortgage applications were down as much as 35% from a year prior just six weeks ago, showing an incredible rebound from the impact of COVID-19.

In the Twin Cities region, for the week ending June 6:
• New Listings decreased 25.0% to 1,674
• Pending Sales decreased 5.6% to 1,418
• Inventory decreased 18.0% to 9,869

For the month of May:
• Median Sales Price increased 3.2% to $294,250
• Days on Market decreased 8.9% to 41
• Percent of Original List Price Received decreased 0.4% to 99.6%
• Months Supply of Homes For Sale decreased 20.0% to 2.0