MN homes market shows a slight blip of a recovery!? Home prices stabilized a bit from the same month a year ago for the first time since July of 2006.
The median price went from $155,00o to $157,000 of a MN home sold from January 2009 to January 2o10.
However, is all looking rosy with the MN homes market? Even though inventory levels have dropped due to fewer new listings and a slight increase in sales of MN homes, things may not be on the complete rebound – just yet. Two major actions have caused the increase in MN home sales.
First, the government’s tax credits for first time MN House buyers and move up home buyers expires at the end of April.
Second and more unknown to the general public, is that mortgage rates have been artificially kept low through another government program. This has been a boon to those who are purchasing MN but it will expire soon. I have heard some predictions of interest rates increasing to 6% by the end of the year. Time will tell what this will do to the Minnesota real estate market.
This great video clip from the Minneapolis Association of Realtors that talks about Minnesota real estate market information:
In talking with other realtors in the Eden Prairie real estate office, most agents see things picking up in the Minnesota real estate market. More buyers are out at open houses and in talking to lenders there have been more mortgage applications being taken. Hopefully, things keep going after the end of April with the MN houses market!
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