Skip to main content
Updated:
Original:

Twin Cities housing report: Prices rising, foreclosures falling

Author:

Reports that track residential real estate were released on Tuesday, and the monthly snapshots show that housing prices this spring continued to increase in the Twin Cities metro area, with median home price rising as well.

The S&P/Case-Shiller Index, which tracks home prices in 20 American cities, noted that home prices in the metro area rose by 9.4 percent over the year ending in April. MPR News noted that the rate of the increase in prices is starting to slow; annual gains for March stood at 11 percent.

Finance and Commerce reported that the median home sales price for residential property in the metro increased for the 27th month in a row in May, up 8.2 percent from a year ago. The median price is now $210,000, compared to $194,000 in May of last year.

Meanwhile, the Star Tribune notes that fewer homeowners are facing foreclosure. The newspaper looked at a report by CoreLogic that tracks the metro foreclosure rate. It found that the number of homeowners falling behind on their mortgage payments declined to 0.53 percent during April. Last year at this time, the rate for outstanding mortgage loans in the metro was 1.08 percent. The local foreclosure rate is lower than the national rate, which is at 1.77 percent.

The newspaper said that the metro area's mortgage delinquency rate, which tracks mortgage loans behind by 90 days or more, dropped to 2.43 percent. It was 3.36 percent during the same period last year.

Nationally, the Associated Press reported that May sales of new homes crept up to the highest level in six years. Sales were up in all regions , led by a 54.5 percent surge in the Northeast. The Midwest showed the smallest month-over-month sales gain of just 1.4 percent.

“This is the strongest level since the end of the recession and is an encouraging sign that housing activity improved in the second quarter,” Cooper Howes, an economist at Barclays Research, said in an analyst note.

Next Up

Karl-Anthony Towns

Post Bucks win, KAT says “I play with f****** passion”

Towns was asked how he controls his emotions on the court.

D'Angelo Russell

Wolves rebound with statement win against Bucks

D'Angelo Russell and the Timberwolves bounced back with a win over the defending champs.

Screen Shot 2021-10-27 at 7.08.20 PM

Train carrying ethanol derails in southern Minnesota

The State Fire Marshal has sent in experts to help with the situation.

ambulance

Motorcyclist dies a month after striking deer in Minnesota

The crash happened north of Mankato near the small town of Norseland.

fire pixabay stock

House explosion kills 1, severely injures another

Authorities described the home as "completely destroyed."

Kotyza-Witthuhn screengrab

Watch: MN lawmaker 'attacked' by giggling child during live hearing

This has to be the most adorable moment ever from a Commerce Finance and Policy Committee hearing, right?

Sloane Martin

Sloane Martin leaving WCCO Radio for bigger role with Big Ten Network

Martin has been a staple at WCCO Radio since Election Day 2016.

Flickr - Xcel Energy truck - Tony Webster

Xcel Energy wants to raise MN customers' electricity rates

If approved, rates go up by an average of $18.50 a month for customers.

Screen Shot 2021-10-27 at 1.11.05 PM

MPD chief 'confident' officers will still show up after Question 2 vote

Arradondo held a press conference Wednesday in which he urged for a 'No' vote.

J R Jones - Anoka County Jail 2021.10.16 - Resize crop

Charges: Driver in fatal hit-and-run said he thought he hit dog or sign

The crash killed a 56-year-old Blaine woman who had been out walking her dog.

vaccine, covid

Here is Minnesota's plan to vaccinate kids 5-11 against COVID-19

The plan includes hosting vaccination clinics at schools across the state.

Mounds View PD missing 12yo Riddley

12-year-old Twin Cities boy has been missing for 4 days

Police are asking for the public's help locating the child,

Related