Posted in: New construction, Buying a home, Market insights

Residential new construction still rising in the Twin Cities

New construction rising in Twin Cities

Wondering if it's still a good time to start looking at new construction? The answer across the nation is yes - and in the Twin Cities, the picture is even sunnier.

Nationally, new home sales reached a five-year high in July, and builder confidence is at a seven-year high, according to the National Association of Home Builders. Together, this suggests a continued high demand of new construction for the foreseeable future.

The economic effects of new construction

An increase in new construction should be welcome news for the 50,000 Twin Cities construction workers who lost their jobs after the 2008 market collapse. While we are experiencing a nationwide shortage of laborers now - many moved on to new occupations over the last five years - builder confidence suggests that construction workers could return as the positions prove lucrative and stable.

Where are people building new homes in Minnesota?

In July 2013, we reached the highest number of single family permits issued (509) since June 2007. Minneapolis was issued the most permits, with a total of 95; many of these permits are for multi-family units. Rounding out the top five cities for new construction are Maple Grove, Lakeville, Eagan and Prior Lake.

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Status Definitions

For sale: Properties which are available for showings and purchase

Active contingent: Properties which are available for showing but are under contract with another buyer

Pending: Properties which are under contract with a buyer and are no longer available for showings

Sold: Properties on which the sale has closed.

Coming soon: Properties which will be on the market soon and are not available for showings.

Contingent and Pending statuses may not be available for all listings