Sales increased 8 percent and prices rose 9.4 percent last month, but gains weren’t felt evenly.
Minnesota home sales got a healthy boost in October from record low mortgage rates and strengthening consumer confidence.
Sales increased 8 percent compared to the same period last year, according to a monthly report released Tuesday by the Minnesota Association of Realtors. The median price was $152,000, a 9.4 percent increase.
Chris Galler, the association’s chief executive, said he was somewhat surprised by the strength of the increase, considering that sales already had begun to rise a year ago, raising the bar for year-over-year comparisons.
One trend that continues to bedevil the housing market is the low number of homes listed for sale, even as builders and developers have begun building more single-family dwellings and rental apartments.
Housing starts across the country beat expectations by increasing 3.6 percent in … Read More »
Purchases of new homes rose more than projected in July to match a two-year high, a sign the industry that helped trigger the recession is recovering. Sales climbed 3.6 percent to a 372,000 annual pace, following a 359,000 rate in June that was higher than previously estimated, figures from the Commerce Department showed. Last month’s rate was the same as in May, which was the strongest since April 2010. The median forecast of 72 economists surveyed by Bloomberg called for a rise to 365,000.
Sales of existing homes in the U.S. rose 2.3 percent in July, as low mortgage rates, rising rent and some job creation led to a modest rebound, a trade group said. The National Association of Realtors said sales increased to a seasonally adjusted annual rate of 4.47 million from 4.37 million in June. Economists polled by MarketWatch had anticipated a 4.5 million rate. Compared with July 2011, sales climbed 10.4 percent, the 13th straight month with a year-on-year gain.
There’s more evidence that the housing market is in the midst of a slow, but sustained recovery. New data shows that prices in the Twin Cities and across the country are being lifted by strong sales and fewer foreclosures. Data from CoreLogic, which tracks repeat sales of the same properties,
During the second quarter home prices across the country prices were up 2.5 percent from a year ago and 6 percent from the previous quarter, according to an analysis of CoreLogic data by the Wall Street Journal. The quarterly increase was the biggest since 2005.
During June alone the CoreLogic Home Price Index (HPI) nationwide was up 2.5 percent, the fourth consecutive year-over-year increase. In the Twin Cities prices were up 3 percent compared with last year and 1.2 percent from May.
A new second-quarter report from Freddie Mac shows that prices were up 4.8 percent compared with the previous month, the biggest quarter-to-quarter increase … Read More »
Union Pacific is pulling rail cars from storage for the first time in four years to haul lumber for homebuilders, a welcome source of strength for an industry that’s bucking the effects of a slowing economy. North American rail carloads of lumber and wood products this year through July 28 were 10 percent higher than the same period in 2011, according to the Association of American Railroads. That compares with a 1.4 percent drop in total carloads. New home construction climbed in June to the highest in almost four years.
In the Twin Cities and across the country, tight supplies of existing homes and record low mortgage rates have been a salve for home builders, who are beginning to hammer their way out of the deepest downturn in generations.
U.S. housing starts increased 6.9 percent in June to a seasonally adjusted annual rate of 760,000, the highest level since October 2008.
“We could get used to this trend,” said Curt Christensen, president of the Builders Association of the Twin Cities (BATC) and owner of Lee Lyn Construction. “We’re seeing plenty of signs of improvement in housing.”
The rising number of housing starts is the latest in a bevy of positive reports that shows the residential real estate market is strengthening, even as global economic jitters dominate the broader economy. Home sales and prices have begun climbing in the past quarter, stirring hope for … Read More »