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 pre-pandemic 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

All comparisons are to 2019

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.