The Mortgage Bankers Association reported that applications for home purchases rose 16% last week, reaching its highest level since 2009. Applications to refinance also grew, increasing a stunning 43% last week and are 109% higher than a year ago, the MBA reports. The sharp increases in both purchase and refinance applications are spurred by lower rates providing incentives for both buyers and existing homeowners to act.

In the Twin Cities region, for the week ending January 18:

• New Listings decreased 14.3% to 904
• Pending Sales increased 2.5% to 734
• Inventory decreased 14.3% to 7,770

For the month of December:

• Median Sales Price increased 8.2% to $279,000
• Days on Market decreased 1.8% to 56
• Percent of Original List Price Received increased 0.5% to 97.3%
• Months Supply of Homes For Sale decreased 21.1% to 1.5

All comparisons are to 2019
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.