Buyer demand at its highest level since June 2005
The Twin Cities housing market reached a new high in its continuing recovery. Both pending sales and closed sales achieved 10-year highs, according to the Minneapolis Area Association of REALTORS®.
- Pending sales were up 19.2 percent over June 2014
- Closed sales were up 22 percent over June 2014
Buyer demand is good news for sellers.
More homeowners are listing their homes for sale, but inventory of homes for sale continues to fall, due to strong buyer activity.
- New listings were up 4.6 percent
- The inventory of homes for sale dropped 9.4 percent
- If no new listings came on the market, it would take 3.6 months to sell the current inventory at the present rate of sales
The median home sale price is now $229,900.
- Just 3.5 percent lower than the June 2006 record of $238,000
- Prices are more in line with the corrected market and the size of the house - price per square foot is still 18.5 percent below 2006 levels
If you’re an active buyer, you may have felt the inventory pinch, especially in popular areas and price points, but buyers still have a favorable conditions:
- Mortgage rates, which have been creeping up slowly this year, are still around 4 percent for a 30 year conventional mortgage
- The Twin Cities metro has an unemployment rate of 3.4, the third best among major metropolitan areas
- Housing affordability was up slightly since last June, according to MAAR
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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.