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Average home price up 5.2% for Oct 2015

Home prices up 5.2%

Home Values UP
Home values up 5.2% Nationally for Oct 2015

The latest S&P/Case-Shiller Home Price Index shows that home prices were up nationally 5.2% in October 2015 compared to October 2014. That’s an increase from the 4.9% rise recorded in September 2015 over September 2014.

Denver, San Francisco, and Portland, Oregon all saw large 10.9% increases year-over-year.

The top 20 percent increased 5.5 per cent overall to return to their winter 2007 levels.

We are getting there, but these numbers still represent on average, around 13% below 2006 peak home values.

Minneapolis St Paul Home Values Continue to Rise

Minneapolis St Paul area home values continue to rise

Twin Cities area median home prices continue their creep upward, increasing 4.9 percent compared with October of last year.
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Housing inventory declined 25.6 percent, to a 3.2-month supply. Generally, five to six months is considered balanced. While the bulk of the metro as a whole is favoring sellers, not all areas, segments and price points reflect that.

The median list price in the metro rose 4.4 percent to $240,000, while average price per square foot rose 3.2 percent to $127, according to The Minneapolis Area Association of Realtors.

Less foreclosures, less homes underwater, less homes on the market, and attractive mortgage interest rates have all combined to push home values nicely higher

  The October median sales price was $218,000 according The St. Paul Realtor Association.

Three Great Reasons to Buy A House Today

real1Thinking about buying a new home, but maybe still sitting on the fence? Here are three great reasons to buy a home today:

1. Home Prices Rising:  The Minneapolis, St Paul market, home prices have risen 15.1% in the last 12 months. The bottom of the market has come and gone. But there is a lot of room for upward movement. If prices continue to rise, and you buy now, your equity will begin to build as soon as you close.

2. Builders Are Building Again: Land costs more, materials cost more, labor costs more. This means new home prices are going up, too. Buying today may be your best option because the cost of new constructions isn’t likely to decrease.

3. Mortgage Interest Rates Still Historically Low: Interest rates are up from a few months ago, but still in the mid 4% range (as of today). This is still considered fantastically low. Mortgage interest rates are projected to be in the mid 5% range next summer, so buying today and locking in a super low rate is a smart move.

Minneapolis Area Medium Home Values UP 12.4%

Minneapolis, MN:  Metro area home prices were up 3.3% in March according to the widely watched Case-Shiller home price index.

This report confirms what what I have been saying for some time now – that home prices in the Minneapolis / St Paul area are increasing, the market is stabilizing, and that especially in the sub $200,000 price range, good houses are going fast with multiple offers above asking price just days on the market.

All real estate is local. Our increase bucks the nationwide trend.  Overall, U.S. home prices fell in March, ending the first quarter with some of the lowest levels scene since the housing crisis began in mid-2006. During the first quarter, home prices nationally reached new lows, falling 1.9 percent year-to-year.

Nationwide, average home prices are down roughly 35 percent from their peak in the second quarter of 2006.

Demand for homes has been showing some serious signs of stabilization, as low mortgage rates, low home prices, and improved job growth have pushed first time home buyers off the fence and into the housing market.

According to information from the Minneapolis Area Association of Realtors, March marked the first time since 2010 that median home prices had risen in the Twin Cities.  The Minneapolis / St Paul median home price rose 6.4 %, to $149,000. The positive news continued in April, when a shrinking supply of homes on the market helped drive the median sales price up 12.4% to $163,000. Foreclosures and short sales also made up a smaller share of sales in recent months, which helped boost prices.

Forget the national reports. In this market, everyday you wait is going to cost you. Get pre-approved today, and be in your own home next month.

Home prices leap – Time to buy

Twin Cities home prices bounced up in April with the largest jump since before the housing market meltdown.

A shrinking supply of homes on the market and the reappearance of multiple offers helped drive the median sales price up 12.4 percent to $163,000 over the previous April.

That’s the largest increase since January 2004, the Minneapolis Area Association of Realtors said in its monthly report Thursday, May 10.

Fewer foreclosures also helped boost prices, as traditional sales accounted for a greater share of the market, which “tends to drive up median and average prices since they tend to sell for more than foreclosure properties,” said Cari Linn, president of the trade group.

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