The Standard & Poor’s/Case-Shiller August Report was released today showing positive gains from July to August 2012. The 10 city composite index showed an annual price gain of 1.3% over the last year while the 20 city composites showed a 2% increase. 18 of the 20 cities studied showed price increases indicating a turnaround in real estate.
All the signs are still positive with housing inventory continuing to decline, low interest rates and new housing starts way up.
Click the photo to see how Minneapolis fared in the list of 20 cities studied.
The June housing statistics are out, this from the Minneapolis Area Association of Realtors. Residential real estate continues to show signs consistent with market recovery. For the current round of numbers, both buyer and seller activity levels were higher than last year at this time.
In the Twin Cities region, for the week ending June 30:
• New Listings increased 0.1% to 1,414
• Pending Sales increased 20.4% to 1,194
• Inventory decreased 31.0% to 17,417
For the month of June:
• Median Sales Price increased 10.4% to $179,000
• Days on Market decreased 22.0% to 113
• Percent of Original List Price Received increased 4.0% to 95.0%
• Months Supply of Inventory decreased 44.7% to 4.4
The S&P/Case-Shiller index of property values in 20 cities dropped 1.9% in April from the same month in 2011, the smallest decline since November 201-, after decreasing 2.6% in the year ended March, the group said Tuesday in New York. The median forecast of 28 economists in a Bloomberg News survey projected a 2.5% drop. (more…)
These new market statistics were just released from the Minneapolis Association of Realtors.
In the Twin Cities region, for the week ending February 25:
• New Listings increased 1.2% to 1,250
• Pending Sales increased 49.5% to 957
• Inventory decreased 23.5% to 17,755
For the month of January:
• Median Sales Price decreased 3.4% to $140,000
• Days on Market decreased 8.6% to 142
• Percent of Original List Price Received increased 3.3% to 91.2%
• Months Supply of Inventory decreased 33.7% to 4.8
Things are looking better and better for the housing market. Inventory is down, buyers are up! There are still too many distressed properties on the market which drive prices down but prices are not expected to decrease too much this year compared to the last few years. A market with more buyers than sellers will eventually get the prices to start increasing, especially with traditional sales!