Home Prices Continue To Rise In The Twin Cities
The Twin Cities metro area is continuing to see the housing market strengthen. The latest S&P/Case-Schiller home price report revealed that home prices were up in the Twin Cities metro area by 3.5 percent year-over-year in the month of August.
In the 13 counties that make up the metro area home prices from July to August increased by 0.7 percent.Across the nation the average was only 0.3 percent. However, the annual increase in home prices nationwide came in at 4.7 percent.
In response to the latest Case-Shiller report David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Dow Jones Indices said, "Home prices continue to climb at a 4 to 5 percent annual rate across the country. Most other recent housing indicators also show strength. Housing starts topped an annual rate of 1.2 million units in the latest report with continuing strength in both single family homes and apartments. The National Association of Home Builders sentiment survey, reflecting current strength, reached the highest level since 2005, before the housing collapse. Sales of existing homes are running about 5.5 million units annually with inventories of about five months of sales. However, September new home sales took an unexpected and sharp drop as low inventories were cited as a possible cause. A notable part of today’s economy is the continuing low inflation rate; in the year to September, consumer prices were unchanged. Even excluding food and energy, the core inflation was 1.9 percent. One result is that a 5 percent price increase in the value of a house means more today than it did in 2005-2006, the peak of the housing boom when the inflation rate was higher. The rebound from the recent lows was faster than the 1997-2005 housing boom, and also much less driven by inflation.”
With home prices expected to continue to rise now is the time to buy a home in the Twin Cities metro area. Our group specializes inEden Prairie Real Estate,Chanhassen Real Estate,Chaska Real Estate,Lake Minnetonka Real Estate,Edina Real EstateandWest Bloomington Real Estate.
Brace Helgeson Coldwell Banker Burnet
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