Twin Cities home price gains have beaten the national average! According to Corelogic, US home prices are at a 6 year high, rising 5 percent from last year but in the Twin Cities prices were up 6.6%! From August to September home prices in the Twin Cities were up .9% compared to a .3% decline nationwide. The numbers include traditional and distressed home sales.
One of the main reasons suggested for this is that the Twin Cities has an unemployment level that is below the national average. The housing market is still not considered a healthy market as sales levels are below that of a healthy housing market and there are still many distressed properties on the market but we are working in that direction. Buyers are faced with a very limited housing inventory and many are having problems qualifying for mortgages because of the higher required down payments.