As mortgage rates rise, Twin Cities home sales fall in 2022

As mortgage rates rose in the second half of 2022, home sales in the Twin Cities fell.

Minneapolis Area Realtors and the St. Paul Area Association of Realtors released their annual report on Wednesday. The two organizations serve a 16-county area in the Twin Cities and western Wisconsin.

Here are some important points:

As mortgage rates rose, sales fell

Among the big data in the report is that home sales in 2022 were the lowest since 2014. That number is in stark contrast to 2021, when home sales fell to a 20-year high.

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