Welcome back to your weekly Twin Cities real estate roundup! This week, there are significant shifts in mortgage rates, housing inventory, and affordability. Plus, I’ve got some exciting local events to share. Whether you’re buying, selling, or just staying informed, here’s what’s happening:

📊 National Market Snapshot

Home Sales & Prices

According to the National Association of REALTORS® (NAR), existing-home sales fell 5.9% month-over-month to a seasonally adjusted rate of 4.02 million in March 2025. Year-over-year, sales decreased by 2.4%.

Despite the decline in sales, home prices continue to rise. NAR reports that more than 80% of metro markets registered home price gains in the first quarter of 2025. The national median price for existing single-family homes rose 3.4% to $402,300 compared to one year ago.

Affordability Challenges

Housing affordability remains a significant concern. A recent NAR report indicates that U.S. households earning $75,000 annually can afford only 21.2% of home listings as of March 2025, highlighting the persistent affordability gap in the housing market.

💰 Mortgage Rates Update

Mortgage rates have experienced volatility in recent days. As of May 23, 2025, the average 30-year fixed mortgage rate stands at 7.02%, marking a slight decrease of 0.05% from the previous day. Earlier in the week, rates briefly surpassed 7% following Moody’s downgrade of the U.S. credit rating, which led to a spike in Treasury yields. Despite the recent dip, rates remain elevated compared to earlier this year, reflecting ongoing concerns about inflation and fiscal policy. (Source: Mortgage News Daily)

🎉 Local Events & Activities

Looking for something fun to do this week? Here are some local highlights:

Minnesota Monthly’s 13th Annual GrillFest
Savor the flavors of summer with food and drink samples, including the Burger Battle and Bloody Mary Battle.
📅 May 31–June 1, 1:00 PM — 5:00 PM
📍 CHS Field, Saint Paul
🔗 Event Details

Disney’s Frozen at Children’s Theatre Company
Enjoy the magical stage adaptation of Disney’s Frozen, perfect for families and fans of the beloved film.
📅 Through June 15
📍 Children’s Theatre Company, Minneapolis
🔗 Event Details