The Easter Bunny has brought much joy by cheering the hearts of Realtors and Minneapolis home sellers alike. The Minneapolis housing market is looking up. In fact, 1,004 pending sales were reported for the week ending April 4th. This is a 28.7% increase since last year. New listings shot up in the last week, but they are still 11.2%* down from the same week in 2008. The Minneapolis housing market’s affordability index has increased to 218; the median price of Minneapolis homes is about half of what is needed by the median family income to qualify for financing. Of course, the large number of foreclosure properties are driving all of these numbers to unnaturally high levels.
Total active listings*
The tax credit and the jaw-dropping low interest rates are a big factor in this market trend. If you are thinking about shopping for Minneapolis homes, find your checkbook. This party won’t last. The good prices won’t last, and the interest rates probably won’t get any lower.
Pending home sales
*Data is taken from Minneapolis Area Association of REALTORS
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