As home prices have continued to soar, many borrowers are finding they must borrow more to afford the rising costs of homeownership. Applications for jumbo loans — those loans that exceed conventional conforming loan limits established by the Federal Housing Finance Agency — are on the rise, and could reach $550 billion this year, according to Bank of America researchers, the highest level since before the 2008 financial crisis.
In the Twin Cities region, for the week ending October 9:
- New Listings decreased 16.4% to 1,476
- Pending Sales decreased 5.8% to 1,335
- Inventory decreased 15.6% to 8,251
For the month of September:
- Median Sales Price increased 10.0% to $341,000
- Days on Market decreased 37.8% to 23
- Percent of Original List Price Received increased 0.7% to 101.2%
- Months Supply of Homes For Sale decreased 21.1% to 1.5
All comparisons are to 2020
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.