Skip to main content
Updated:
Original:

Housing recovery may be cooling after a hot run

Author:

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

unsplash football helmet ground

Judge upholds star QBs suspension for state championship game

Sam Backer, of Chatfield Senior High, won't be allowed to play in Friday's title game.

Screen Shot 2021-11-25 at 7.53.37 AM

Another 5,000 lbs. of goldfish removed from Carver County lakes

It all likely stemmed from people dumping their pets into local waters a few years ago.

Rosaleia Shelton

Appeal to find 19-year-old missing from Bloomington

The teen left her home on Monday afternoon.

hospital, emergency room

Deaths of twin fetuses after woman was shot ruled a double homicide

The woman was shot in the abdomen in mid-September.

Payton Willis / Gopher Basketball

Gophers improve to 5-0 with win over Jacksonville

The Gophers are establishing momentum early in the season.

Anthony Edwards

Ant's massive slam leads Timberwolves to fifth straight win

The dunk didn't count, but provided the highlight of the night.

Cam Talbot / Minnesota Wild

WIld arrive late, Cam Talbot stays on point to beat Devils

Despite a 30-minute delay, the Wild picked up a 3-2 victory.

Screen Shot 2021-11-24 at 4.10.54 PM

Appeal to find 35-year-old missing from Oak Grove home

Police say he's not believed to be in danger.

vote, election

7 MN Republicans urge states to audit 2020 election results

There has been no evidence of significant fraud in any single U.S. state.

Related