Home Prices in the Twin Cities Continue to Rise
The price of homes for sale in the Twin Cities continues to rise. However, it is not as fast as the pace we are seeing elsewhere in the country. That is not necessarily a bad thing. The national average for home price increases in February was 4.2 percent where here in the Twin Cities we saw a rise of 3.1 percent according to the most recent S&P/Case-Shiller Home Price Index. This index measures the change in home prices of the same house over a period of time. Nationwide prices climbed at a faster pace in February of this year than in January as a result of higher sales and a limited number of supply of homes available.
Not only did home sales increase, so too did the number of signed contracts to purchase homes.However, there continues to still be a shortage of homes on the market.
In certain areas of the country we are seeing home prices rising rapidly than what the national average. As a result it has left fears that home prices gains in those area are rising faster than wages. Denver, is one area that has recently seen a 10 percent home price increase, and San Francisco 9.8 percent rise. A steady increase in home prices is ideal and that is what we are continuing to see the Twin Cities metro area.
If you are looking to buy or sell a home contact me. Our group specializes inEden Prairie Real Estate,Chanhassen Real Estate, Chaska Real Estate, Lake Minnetonka Real Estate, Edina Real Estate andWest Bloomington Real Estate.
Brace Helgeson Coldwell Banker Burnet