Traditional home sales were up almost 20% compared to a year
ago while foreclosure sales are down 33% which are strong indicators for the housing recovery. Here’s a recent news release from the Minneapolis Area Association of Realtors:
Pending home sales levels are at the highest since June 2005 and the average days on market are down to levels since January 2007. All encouraging data and important to keep a watch on the employment numbers and consumer confidence levels going through the summer months. This will also impact the direction of interest rates.
Here’s a recent news release showing home prices throughout the metro area at levels not seen in over 4.5 years – great to see the housing market in full swing in our spring market!
Source: Minneapolis Area Association of Realtors
Our current spring housing market is helping boost the increase in Median home prices for the Twin City 13 County region. Great to see the median prices up +14% to $171,000. See the attached chart provided by the Minneapolis Area Association of Realtors for a better clarity of “where we’ve been” and “where we’re going”.