Weekly Housing Market Activity Report for the Twin Cities

Weekly Housing Market Activity Report for the Twin Cities

For Week Ending March 21, 2020
Publish Date: March 30, 2020 • All comparisons are to 2019

This week Fannie Mae, Freddie Mac, and the FHA suspended all foreclosures and
evictions for 60 days in response to the continued COVID-19 outbreak. Further, the
Federal Housing Finance Agency (FHFA) annouced that borrowers with loans
backed by Fannie Mae and Freddie Mac who face financial difficulties due to
COVID-19 may be able to suspend their mortage payments for up to 12 months.
Impacted borrowers are urged to reach out to their mortgage companies to discuss
their situation.
In the Twin Cities region, for the week ending March 21:
• New Listings increased 16.0% to 1,688
• Pending Sales increased 11.0% to 1,183
• Inventory decreased 7.1% to 8,653
For the month of February:
• Median Sales Price increased 6.2% to $281,500
• Days on Market decreased 2.9% to 67
• Percent of Original List Price Received increased 0.3% to 98.0%
• Months Supply of Homes For Sale decreased 11.1% to 1.6