Record low mortgage rates help boost housing market in Minnesota

Twin Cities home sales are up by double digits so far this year, the Star Tribune reports. However, options for buyers are limited because so many potential sellers can't list their homes until prices increase. A tighter credit market and bigger down payments have also made it tough for borrowers to get a loan.
Author:
Updated:
Original:

Twin Cities home sales are up by double digits so far this year, the Star Tribune reports. However, options for buyers are limited because so many potential sellers can't list their homes until prices increase. A tighter credit market and bigger down payments have also made it tough for borrowers to get a loan.

Next Up

ambulance

State Patrol investigating fatal crash near Duluth

The crash was reported around 6:15 a.m. Wednesday.

eden prairie police squad car

Carjacking reported outside shopping center in Eden Prairie

One of the suspects reportedly displayed a weapon.

court gavel

8 people charged in Medicaid fraud scheme totaling $860K

Collectively, they're charged with 46 counts of felony theft.

vaping

Minnesota gets mixed grades on its tobacco report card

In Minnesota, the economic cost due to smoking is $2.519 million with 5,910 deaths per year attributed to smoking.

Hardy Wills-Traxler

Charges: Man stabbed his father, set his home on fire

The 25-year-old has been charged with second-degree murder and first-degree arson.

Impound lot

Crowded impound lot raises COVID concerns after Minneapolis snow emergency

A vehicle owner complains about the tightly-packed impound lot following the weekend's snow.

covid-19, coronavirus

Here is Minnesota's COVID-19 update for Wednesday, Jan. 27

The latest update from the state health department.

charley's

Charges: Bar owner, employee served underage drinkers during shutdown

The bar hosted 20-30 people on Dec. 4, 2020, charges say.

police lights

Driver wearing bulletproof vest strikes pedestrian in Rochester

The 21-year-old claimed the vest keeps him warm, according to police.

Related

Low appraisals complicating Twin Cities housing recovery

The appraisal process has become a headache for many home buyers and sellers in the Twin Cities metro. Real estate agent Steve Fiorella told KARE 11 he has struggled to get the appraisal to match the purchase price for about 20 percent of his transactions so far this year. But a misappraisal could have serious consequences, even prison.

Twin Cities housing market continues to show improvement

Last month, the median sales price of homes jumped about 11 percent to $169,000 from the same month last year, according to a new report by the Minneapolis Area Association of Realtors. The number of pending purchase agreements also spiked 27 percent, while closed sales increased 21 percent. However, the inventory of homes for sale continued to fall in May.

2011 real estate market improves in central Minnesota

The St. Cloud Times reports pending home sales jumped more than 12 percent in 2011. Completed sales increased close to 44 percent from July through December. However, both the average and median sales prices declined last year.

Twin Cities housing market slowly improving

On a seasonally adjusted basis, the national S&P Case-Shiller index shows home prices in the Twin Cities jumped 1.3 percent from March to April, following a 0.8 percent gain from February to March. Prices were up 3.8 percent compared to April of last year.

Record-low interest rates save Minn. taxpayers millions of dollars

School districts, cities and counties in Minnesota are saving tens of millions of dollars in borrowing costs by refinancing old bonds, the Pioneer Press reports. The South Washington County School District is among the government organizations reaping the benefits of historically low interest rates. The district alone has saved more than $14 million since 2001.

Home sales, prices continue uptick in Twin Cities metro

September was another good month for home sellers in the 13-county Minneapolis-St. Paul metro. The Business Journal says pending sales grew 11 percent last month, compared to the same month a year ago, according to the Minneapolis Area Association of Realtors. The median home sales price also increased 12.3 percent to $174,000 in the Twin Cities area, Finance & Commerce reports. However, the number of homes for sale dropped 29.4 percent -- the lowest level in nearly a decade.

Home inventory in Twin Cities metro at 9-year low

The number of homes on the market in the Twin Cities was down more than 30 percent last month -- the lowest inventory levels in nearly a decade, according to the Star Tribune. The median home sales price in the 13-county metro area jumped 15.5 percent to $179,000 compared with a year ago.