Heartland Real Estate Professionals
Jean Youness 651-336-5042
June 2, 2022
Mortgage rates continued to inch downward this week but are still significantly higher than last year, affecting affordability and purchase demand. Heading into the summer, the potential homebuyer pool has shrunk, supply is on the rise and the housing market is normalizing. This is welcome news following unprecedented market tightness over the last couple years.
Information provided by Freddie Mac.
For Week Ending May 21, 2022
Rental prices continue to soar to new highs, with the median rent reaching $1,827 as of last measure, a 16.7% increase from the same time last year, according to Realtor.com. Rental units are in short supply and demand remains high, with real estate professionals reporting a surge in rental inquiries, applications, and showing activity across the nation. Bidding wars are becoming increasingly common in many rental home markets, causing some properties to rent for substantially over asking price.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 21:
FOR THE MONTH OF APRIL:
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
May 26, 2022
Mortgage rates decreased for the second week in a row due to multiple headwinds that the economy is facing. Despite the recent moderation in rates, the housing market has clearly slowed, and the deceleration is spreading to other segments of the economy, such as consumer spending on durable goods.
Information provided by Freddie Mac.
For Week Ending May 14, 2022
With home prices and mortgage rates continuing to rise, down payments are increasing nationwide, as buyers aim to lower their monthly mortgage costs and make their offer more attractive to sellers. According to Realtor.com, buyers averaged a $28,000 down payment in the first quarter of 2022, averaging 13.1% of the purchase price, compared to the first quarter of 2020, when down payments averaged $14,000, with buyers paying about 11% of the purchase price.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 14:
FOR THE MONTH OF APRIL:
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
May 19, 2022
Economic uncertainty is causing mortgage rate volatility. As a result, purchase demand is waning, and homebuilder sentiment has dropped to the lowest level in nearly two years. Builders are also dealing with rising costs, meaning this posture is likely to continue.
Information provided by Freddie Mac.
