Minnesota Home sales jump dramatically higher
It appears the things are changing in the housing market as Minnesota’s home sales shot up 24 percent in October from a year earlier.
It appears the pent up housing demand, combined with historically low mortgage interest rates in Minnesota, and home prices that are (on average) about equal to 2002 values, has finally gotten home buyers off the fence.
Another recent report indicated that first time home buyer numbers have begun to fall off as many of those people have already taken advantage of their buying opportunities, so who is buying the homes? Clearly move up buyers – those selling an existing home and buying something different have surged the last six months.
Surpassing most areas of the state, sales in the seven-county metro area jumped 34 percent.
For the sixth month in a row, statewide pending sales have increased, rising 33 percent versus October 2010.
In October, homes were on the market an average of 120 days. Inventory is decreasing, with new listings down 10 percent versus October 2010.
