Mortgage rates continued their downward trend, with the 30-year fixed-rate mortgage averaging 6.09% the week ending 2/2/23, according to Freddie Mac. Mortgage rates have declined steadily for the past 4 weeks and are now at their lowest level since their peak in November, when rates hit 7.08%. The drop in rates could save homebuyers hundreds of dollars on their monthly mortgage payments and may provide a boost in home sales ahead of the spring selling season.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 4:

• New Listings decreased 28.9% to 762
• Pending Sales decreased 23.0% to 695
• Inventory increased 18.3% to 5,776

FOR THE MONTH OF DECEMBER:

• Median Sales Price increased 5.1% to $348,320
• Days on Market increased 47.1% to 50
• Percent of Original List Price Received decreased 3.2% to 96.3%
• Months Supply of Homes For Sale increased 55.6% to 1.4

All comparisons are to 2022

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