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Despite the 14.2% rise in pending sales, homebuyers in the Twin Cities seem unphased by recent mortgage rate increases. The housing stock remains highly affordable historically speaking, even with mortgage rates around 4.5%. In fact, 25 of the past 26 months have seen year-over-year gains in pending sales, and the metric is currently as its highest level since June 2006. Potential buyers are keeping an eye on seller activity for inklings of additional inventory. New listings increased 20%, marking the second largest gain since March 2010. The metro’s median sales price rose 17.5% to $210,000 – the highest median sales price since December 2007. ”As a result of fewer distressed properties and more, higher-priced traditional properties selling, home prices have been enjoying quite the rally,” said Andy Fazendin, president of the Minneapolis Area Association of Realtors. [Read this article]
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