Twin Cities area home buyers seem unphased by recent mortgage rate increases. A 14.2% increase in pending sales shows that, while interest rates have gone up to around 4.5%, the housing inventory remains highly affordable.
The median sales price for the metro area rose 17.5% to $210,000. That’s the highest median sales price since December 2007!
Foreclosures and short sales are also down significantly. In February 2011, foreclosures and short sales made up 61.5% of all sales activity. In June 2013, distressed properties make up just 21.7% of total sales in the Twin Cities.
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With 16 straight months of year-over-year price increases, the market is showing promising gains. “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®(MAAR)
Now is a great time to consider buying or selling a home. Interest rates are still very low and home prices are on the rise, but remain affordable. Contact Becky and me for more information on buying or selling your Woodbury home.
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John and Becky Durham are Western WI and Minnesota real estate agents with RE/MAX Results and Durham Executive Group.
John Durham - 651-231-2191 john@durhamexecutivegroup.com
Becky Durham - 651-231-2192 becky@durhamexecutivegroup.com
Source: Data and graph are according to the Minneapolis Area Association of REALTORS®(MAAR) based on data from Northstar MLS.
