Showings activity:
Showing activity was 4.4% higher than last year with six out of nine ranges experiencing gains. The strongest gains were between $400-800K. Listings under $200K made up 11.2% of showings, listings between $300-400K represented 26.6% and listings over $1M comprised 3.4% of showings.
May statewide market activity:
- New listings rose 7.2%
- Pending sales were up 2.8%
- Inventory levels rose 8.5%
- Months’ supply rose to 2.6 months
- The median home price was up 2.8% to $360K
- The typical market time rose 4.8% to 44 days
- On average, sellers accepted over 98.8% of their list price
On the mortgage rate and economic front:
According to Mortgage News Daily, the average 30-year mortgage rate weighed in at 6.95% today, down from over 7.0% at the end of May. At the end of April the rate stood around 6.8%. The 10-year treasury yield is currently below 4.5% after spending some time above that threshold during Friday and Monday trading. Downward movement in the 10-year should ripple out into lower mortgage rates.
In general, yields are up because demand for U.S. debt is down and supply is higher. Other factors like economic growth and inflation expectations also play in. The current budget bill would add trillions in new debt. Yields rise to entice investors to purchase our debt. There’s a higher risk premium to compensate for holding U.S. debt in the current landscape.
Direct copy from https://www.mnrealtor.com/blogs/david-arbit/2025/06/09/mnr-market-monday-updatejune-9-2025
