Metro housing market continues to improve
Published 9:29 am Tuesday, July 15, 2014
ST. PAUL — The Twin Cities housing market has shown continued recovery throughout the past four months.
Reports said data released Monday by local real estate associations show a rise in newly listed houses, market inventory and median prices in the area.
New listings were up 8.9 percent, market inventory increased by 6.5 percent and the median price rose 4.7 percent to $219,000 in June.
The numbers indicate a strong market for both home sellers and buyers.
But year-to-date closed sales are down 9.2 percent compared to the halfway point last year.
Michael Hunstad, president of the St. Paul Area Association of Realtors, said this year’s closed sales numbers could make a comeback, but it’s more likely that the market will see fewer of them than last year.
“However, that’s not all bad since prices and values are still rising and inventory is now more balanced,” he said.
The area has now seen 28 consecutive months of median price gains.
Distressed listings, such as foreclosures and short sales, made up 9.5 percent and 12.6 percent of June’s closed sales, respectively. The numbers indicate a significant decrease in distressed properties, accounting for the smallest portion of the housing market since 2007.