• Skip to primary navigation
  • Skip to main content
  • Skip to footer
Subscribe
Program Guide
Watch Live

CCX Media

Skip NavigationMenu
  • News
    • Close
        • CCX News
          • CCX News Home
          • News Stories
            • CCX Daily Newscast
          • CCX News Special Reports
          • CCX Media Schools
        • Feature Segments

          • Business Matters
          • School Spotlight
          • Standout Student
          • Weekend Showcase
          • Newsmakers
        • News Tip

          Send us a story idea or news tip!
          Facebook Instagram Twitter
          Watch Live
          CCX1 | CCX2 | CCX3
        • Apple News
    • Close
  • Sports
    • Close
        • CCX Sports
          • CCX Sports Home
          • Sports Tips
          • Hall of Fame
          • Upcoming Event Coverage
          • Play of the Week
        • Sports Coverage

          Adapted SportsAdditional SportsBaseballBasketballFootball
          GymnasticsHockeyLacrosseSoccerSoftball
          Swimming & DivingTennisTrack & FieldVolleyballWrestling
        • Social Media

          Facebook Twitter Instagram
          Watch Live
          CCX1 | CCX2 | CCX3
          Shop/Order
    • Close
  • Cities
    • Close
        • CCX Cities
          • CCX Cities Home
          • The Connection
          • In The Community
          • Our Town’s Story
          • Community Resources
          • CCX Media Schools
          • City Meetings
        • Your City

          Brooklyn Center Local News and Events
          Brooklyn Park MN Local News and Events
          Crystal
          Golden Valley
          Maple Grove
          New Hope
          Osseo
          Plymouth
          Robbinsdale
        • Social Media

          Facebook Twitter
          Watch Live
          CCX1 | CCX2 | CCX3
    • Close
  • Create
    • Close
        • CCX Create
          • CCX Create Home
          • Channels
          • Resources
          • Meet The Create Team
          • CCX Create Virtual Tour
        • Get Creative

          • Make Your Own Show
          • Free Classes
          • Contact Us
          • Polka Spotlight
          • Diversity Minute
        • RueShare

          • Member Login
          • Member Guide
        • Social Media

          Facebook Twitter Instagram
          Watch Live
          CCX1 | CCX2 | CCX3
    • Close
  • Subscribe
  • Program guide
  • Watch Live

Home Sale Closings Plummet, Rising Mortgage Rates a Factor

7:30 AM | Saturday, August 27, 2022

Rising mortgage interest rates and stubbornly low inventory levels continue to impact local home sales.

According to recently released data from Minneapolis Area Realtors (MAR), Twin Cities home sale closings fell 20 percent in July compared to a year ago.

Double-digit drops were also seen around the northwest suburbs. Plymouth saw an 11 percent drop in closings. The cities of Brooklyn Park and Maple Grove both saw 14 percent declines in closed sales.

“Combined with rising rates, that’s left a hole in our buyer pool this year, but there is still plenty of pent-up demand for homes,” said Denise Mazone, president of Minneapolis Area Realtors in a press release to CCX News.

However, there may good news on the horizon for buyers. Mazone said there’s evidence mortgage rates are easing somewhat and inventory levels have grown for three consecutive months.

 

twin cities home sales

According to MAR data, the median sales price was $375,000 in July, down from the record $380,000 reached in June.


Related: Homes Under $500K Hard to Find, ‘This Market is Not for Faint-Hearted’


 

Corey Bork, reporting

Brooklyn Park | Maple Grove | Plymouth | Twin Cities

Related Stories

Mosquitoes At Record Levels So Far This Spring and Summer:  Yes, they’re back. No, it’s not your… Read More
Plymouth To Host Sensory-Friendly Activity Nights:  The city of Plymouth is offering sensory-friendly… Read More
Maple Grove Retires One Police K9, Swears In Another:  A Maple Grove police dog retired this week,… Read More
Complaint: Man Charged in Brooklyn Park Murder Shot 19-year-old ‘Without Provocation’:  A… Read More
Crystal Cove Aquatic Center Needs Millions of Dollars To Fix Pool Leak:  Before the squeals and… Read More
Brothers Prepare for Triathlon 24 Years After Kidney Transplant:  When preparing for an event that's… Read More

Footer

NAVIGATE

  • CCX Media
  • NEWS
  • SPORTS
  • CITIES
  • CREATE
  • Job Opportunities
  • Meet the CCX Media Team
  • ABOUT CCX MEDIA
  • Annual Programming Reports
  • CABLE COMMISSION

SUBSCRIBE

Get email updates for daily story previews. “Week in Review” video links, and programming previews.

Subscribe Today

CONNECT

HAVE A NEWS TIP? CALL OUR TIPLINE AT:  763-533-1710
Send us story ideas and comments!
Get in touch with us
               
 NEWS   SPORTS
 SHOP/ORDER

LOCATION

CCX Media
6900 Winnetka Avenue North
Brooklyn Park, MN 55428

Main Phone:  763-533-8196

CCX Media serves the northwest suburbs of Minneapolis, Minnesota, including Brooklyn Center, Brooklyn Park, Crystal, Golden Valley, Maple Grove, New Hope, Osseo, Plymouth and Robbinsdale.
Copyright © 2023 CCXMedia | All Rights Reserved. | Privacy Policy | Accessibility Statement
Web Design and Development by CEL Marketing PR Design and BizzyWeb | Log in