Mortgage rates have now been below 3.30 percent for four consecutive weeks, according to the latest update from Freddie Mac. These near-record low rates have been a catalyst for the recovering buyer activity in the housing market while sellers continue to maintain a little more cautious approach.
In the Twin Cities region, for the week ending May 23:
• New Listings decreased 11.7% to 1,668
• Pending Sales decreased 11.0% to 1,453
• Inventory decreased 17.1% to 9,764
For the month of April:
• Median Sales Price increased 8.9% to $305,000
• Days on Market decreased 17.5% to 47
• Percent of Original List Price Received increased 0.5% to 99.9%
• Months Supply of Homes For Sale decreased 9.1% to 2.0
