Twin Cities Real Estate Market Stats and Update June 2014
Housing seemed to have a slow start to the spring selling season, but appearances deceive. Dig into that spring soil and you begin to unearth differences in individual areas and market segments. Inventory is rising in some areas.
Word is out on the street and activity is picking up in the upper price tiers. Rents continue to climb in most metros. Interest rates are generally lower than a year ago, to the surprise of some and the delight of others. New Listings in the Twin Cities region increased 8.9 percent. Inventory levels rose 6.5 percent. Prices forged onward.
The Median Sales Price increased 4.7 percent to $219,900. Housing is one part of a broader ecosystem that thrives on a strong economy that churns out good jobs.
First-quarter employment figures were adequate but not thrilling, but second-quarter numbers figure to be more positive. Access to mortgage capital remains an ongoing concern. As cash and investor deals fade, first-time buyers typically step to the forefront, but tight credit can and has been a real hurdle.