The Twin Cities are named as a 'hidden gem on the rise' in a list of cities that are bouncing back after the prolonged housing slump. The Fiscal Times has information compiled by Realtor.com in its second quarter list of Realtor.com's Top Turnaround Town Report.
The top ten list is dominated by markets left devastated by foreclosures, including cities in the south and west. They are improving most quickly because they had fallen the fastest and farthest, the report suggests. Phoenix leads the turnaround list for the second straight quarter, followed by Oakland and Miami. The list also includes Boise City, San Jose, Seattle, Bakersfield, San Francisco, Fresno and Santa Barbara.
Realtor.com listed the Twin Cities among three markets that "...have been quietly speeding down the road to recovery." The report notes that home prices in the Greater Twin Cities area are now at their highest level since October 2008.
The analysis went on to say that the metro area "...zoomed eight positions into the #12 spot in Q2 2012 from #20 in Q1 2012" on the Top Turnaround List. The report cited the increase in list prices (up 11.12% compared to the same quarter last year) and the crunch in inventory, which fell by 27.18%. The report also cites area sales, which bolted up 27% in May from the same period in the previous year.
The report goes on to note that the low unemployment rate in the region makes the metro "...well positioned for recovery."