Conforming loan limits on mortgages acquired by Fannie Mae and Freddie Mac will increase in most of the United States to $726,200 in 2023, up from $647,200 in 2022, according to the Federal Housing Finance Agency. Meanwhile, the conforming loan limit in high-cost areas will increase to $1,089,300, exceeding the $1 million dollar mark for the first time. The increases in loan limits will allow a larger group of borrowers to qualify for loans backed by Fannie Mae and Freddie Mac.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 10:
- New Listings decreased 4.1% to 686
- Pending Sales decreased 27.1% to 604
- Inventory increased 15.5% to 7,549
FOR THE MONTH OF NOVEMBER:
- Median Sales Price increased 4.1% to $354,000
- Days on Market increased 33.3% to 40
- Percent of Original List Price Received decreased 2.6% to 97.2%
- Months Supply of Homes For Sale increased 41.7% to 1.7
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.