Home Sales Surged in April in the Twin Cities
April was another great month for the housing market in the Twin Cities. Once again we saw one of the best months in nearly a decade. There were 6,239 signed agreements to purchase property across the 13-county metro area region. This is the highest number we have seen since June of 2005, and an increase of 26 percent over this time last year according to data from the Minneapolis Area Association of Realtor (MAAR).
Not only were the number of purchase agreements up, so too are home prices. The median sale price in April was $215,600, an increase of 10 percent over last year.
"Buyers are truly out in force this spring,” said Mike Hoffman, MAAR’s president. "Climbing rents, consistent job growth and finally some beginning signs of wage growth are all encouraging Twin Citizens to invest in homeownership.”
These numbers are promising after we saw home sales fall by 7 percent in 2014. The increase in sales we are seeing this year can be attributed to the continued low mortgage rate, and the decrease in the number of foreclosures in the area. Obtaining a mortgage loan is also easier than it has been in past years as lenders are easing lending standards.
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 HelgesonColdwell Banker Burnet
Licensed in Minnesota/Lic # 92065