Housing recovery may be cooling after a hot run

Author:
Updated:
Original:

A national monthly housing report and a Minnesota survey of housing trends drew the same conclusion: the reinvigorated real estate market in the Twin Cities may be coasting to a slight slowdown, mostly due to climbing interest rates.

The Star Tribune reports that the the Real Estate Price Report Index from the University of St. Thomas cited a decline in the median sale price of homes in July, compared to the previous month, the first time there's been a month-to-month drop this year. Herb Tousley from the University's Shenehon Center for Real Estate reassured the newspaper that the shift is due to the typical seasonal slow-down.

KMSP's take on the monthly Residential Real Estate Price Report Index from St. Thomas keyed on the shift in foreclosures and short sales. In July, 20 percent of sales were for distressed properties, the lowest level since January of 2008.

The newspaper also cited the monthly S&P/Case-Shiller composite index of 20 metropolitan areas that clocks prices of single-family homes across the country. Ssix regions, including the metro, showed a month-to-month gain from May to June compared with ten cities during May. The paper theorized that's a signal the recovery is moderating.

From May to June the index was up 2.3 percent in the Twin Cities compared with a 2.1 percent increase from April to May, and slightly ahead of the national average of 2.2 percent. Annually, the Twin Cities index rose 11.5 percent, slighty lower than the national average.

Next Up

Eddie Rosario

Report: Twins place Eddie Rosario on outright waivers

The outfielder's time with the team appears to be coming to an end.

radio station, microphone

Christian music broadcaster revealed as buyers of Go Radio

Educational Media Foundation. operates the K-Love brand, which has a presence already in the Twin Cities.

Screen Shot 2020-12-01 at 5.04.39 PM

St. Paul police chief reportedly fires officer who shot naked, unarmed man

Chief Todd Axtell said the officer's use of force was not reasonable.

Trevor May

Report: Trevor May leaving Twins to sign with Mets

The right-hander will sign a two-year deal to head to New York

Car crash

'Grim' milestone: Minnesota's traffic deaths reach 364, tying 2019 total

“With fewer vehicles on the road during the 2020 pandemic, the loss of life on Minnesota roads is beyond disappointing."

Devin Weiland

Charges: Albert Lea man, 21, fired around 90 shots at police, residents

Weiland was arrested after a standoff that lasted more than eight hours.

Body storage warehouse

Body storage warehouse 'ready if needed for COVID-19 fatality management'

The warehouse is currently storing PPE and testing supplies.

Giordano's

Signs come down at Giordano's restaurant in Uptown

It appears the restaurant has closed for good.

State Capitol.

Walz eyes COVID-19 relief package totaling $300-$600 million amid budget surplus

The state forecasted a budget surplus for the remainder of the biennium.

Bar beer

Walz non-committal on extension of restaurant, gym closures

He has suggested that the ban on mixing with people outside your household could continue over Christmas.

Related