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Market Update

Learn what's happening in your market

TWIN CITIES AREA

August 2015

July proved to be a hot market for home sales in the 13-county Twin Cities metro, according to the Minneapolis Area Association of REALTORS® (MAAR). Following the peak buying and selling season in spring and early summer, it is common for activity levels to begin to cool as back-to-school comes to the forefront for many families. Consumers can expect to see activity slow down on a month-over-month basis, but local experts expect to see continued year-over-year improvements on most indicators.

The highlights:

  • Pending sales were up 12.1 percent over last July
  • The inventory of available homes for sale was down 11 percent due to fewer new listings and increasing sales
  • Buyer urgency and low inventory is leading to the fastest sales since at least January of 2007 – homes sold in an average of 63 days in July
  • Economists expect the Federal Reserve to begin raising interest rates as early as September.

Let’s dig deeper:

Fewer buyers are paying all cash for homes.

Chart: Share of closed sales paid in cash in Minnesota from January 2014 to July 2015, percentage in January 2014 was 24.2 percent and in July 2015 were only 11.7 percent
  • Cash sales made up just 11.7 percent of all sales in July, down from 15.3 percent last year 24.2 percent in February 2014
  • Many buyers who pay cash for homes are investors buying distressed (foreclosure or short sale) listings
  • A dwindling supply of distressed homes for sale indicates a stronger, healthier market
  • Less reliance on FHA (government backed) loans means the private sector is again taking on the majority of risk for residential mortgage loans

The Monthly Skinny

"The Monthly Skinny" is provided by the Minneapolis Area Association of Realtors

*Edina Realty Appointment Center statistics.

Based on information from the Minneapolis Area Association of REALTORS®, Inc. Data collected from the REGIONAL MULTIPLE LISTING SERVICE OF MINNESOTA, INC., for properties in the 13-county region exclusively.

The Monthly Skinny

"The Monthly Skinny" is provided by the Minneapolis Area Association of Realtors

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