Weekly Housing Market Activity Report for the Twin Cities

Weekly Housing Market Activity Report for the Twin Cities

For Week Ending May 2, 2020
Publish Date: May 11, 2020 • All comparisons are to 2019

The Mortgage Bankers Association reported a 12% increase in mortgage
applications last week, reversing a trend of falling activity due to the COVID-19
pandemic. While a positive sign of buyer interest and future home buying activity,
application volume was still 20% lower than a year ago. Initial unemployment
claims came in at a little more than 3.8 million for the week ending April 25th, which
continues the decline seen in recent weeks but still significantly higher than prepandemic levels.
In the Twin Cities region, for the week ending May 2:
• New Listings decreased 28.6% to 1,476
• Pending Sales decreased 17.8% to 1,149
• Inventory decreased 12.2% to 9,413
For the month of March:
• Median Sales Price increased 8.0% to $297,000
• Days on Market decreased 7.6% to 61
• Percent of Original List Price Received increased 0.6% to 99.2%
• Months Supply of Homes For Sale decreased 10.0% to 1.8