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Weekly Market Report

October 16, 2023 by Martineau Duevel

For Week Ending October 7, 2023

Adjustable-rate mortgages (ARM) continue to grow in popularity as prospective homebuyers aim to combat rising housing costs. Applications for 5/1 adjustable-rate mortgages rose 32.5% the week ending October 6 from four weeks earlier, according to the Mortgage Bankers Association. Effective rates for a 5/1 ARM averaged about 6.66% compared to 7.49% for a traditional 30-year fixed-rate mortgage, with the share of ARM applicants representing 9.2% of all borrowers, the highest percentage since November 2022.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 7:

  • New Listings decreased 4.4% to 1,226
  • Pending Sales increased 2.3% to 836
  • Inventory decreased 7.7% to 8,740

FOR THE MONTH OF SEPTEMBER:

  • Median Sales Price increased 2.3% to $370,805
  • Days on Market increased 6.3% to 34
  • Percent of Original List Price Received increased 0.4% to 99.3%
  • Months Supply of Homes For Sale increased 20.0% to 2.4

All comparisons are to 2022

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

Filed Under: Weekly Report

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Mark J Duevel

Coldwell Banker Realty

Wayzata Office

235 Lake Street East, Suite 100

Wayzata, MN 55391-1774


952.473.3000 (Office )

612.963.7128 (Mobile)

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Jeff L Martineau

Coldwell Banker Realty

Wayzata Office

235 Lake Street East, Suite 100

Wayzata, MN 55391-1774


952.473.3000 (Office )

952.210.2626 (Mobile)

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  • Search
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    • Mark Duevel
    • Jeff Martineau
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