April’s housing gains could signal a turn

Posted on June 27th, by Administrator in News. No Comments

Twin Cities home prices that month rose nearly 4 percent from a year earlier. Experts greeted the news with cautious optimism.

Home prices in the Twin Cities and across the country rose slightly during April, reversing a seven-month slide and bolstering hopes that the market has turned the corner.

According to the latest Case-Shiller home price index, Twin Cities prices rose 0.5 percent from March to April and 3.8 percent compared with last year in the Twin Cities. The numbers were met with cautious optimism.

“It has been a long time since we enjoyed such broad-based gains,” said David Blitzer, chairman of the index committee at S&P Indices. “While one month does not make a trend, particularly during seasonally strong buying months, the combination of rising positive monthly index levels and improving annual returns is a good sign.”

The report is the latest signal … Read More »

Home front is looking sweeter

Posted on June 13th, by Administrator in News. No Comments

May warmed up the Twin Cities-area housing market, as sales climbed 21 percent and building permits rose by half.  Strong demand and a shortage of listings helped boost home prices in May to their highest level since October 2010.

The median sales price increased 11 percent last month, the third consecutive month of year-over-year price gains, according to the Minneapolis Area Association of Realtors, which released its latest numbers Tuesday. Home sales climbed 21 percent in May, as the number of listings continues to decline.

“May looks great on paper and on the street,” said Andy Fazendin, broker at Fazendin Realty and president-elect of the Realtors association. “Buyers are active, sellers are starting to see some brightness on their end and the market is rediscovering a nice balance.”

Home construction got a healthy boost in May as well. Twin Cities-area builders were issued … Read More »

Sales of new homes climb more than forecast

Posted on May 24th, by Administrator in News. No Comments

WASHINGTON – Demand for new homes rose more than forecast in April, indicating residential real estate may contribute to economic growth for the first time in seven years.

Purchases rose to a 343,000 annual rate, up 3.3 percent from a revised 332,000 in March, the Commerce Department reported Wednesday in Washington. The median forecast in a Bloomberg News survey of 72 economists was 335,000. Data Tuesday showed April sales of previously owned homes rose in every region.

“It’s very clear now that the housing market has turned a corner,” said Richard DeKaser, deputy chief economist at Parthenon Group in Boston, who projected sales would rise to a 339,000 pace. “The only question is how strong the rebound is going to be. It bodes well for the broader economy.”

Job growth, improving affordability and record-low interest rates are helping propel sales at builders such … Read More »

Mortgage rates reach another record low

Posted on May 14th, by Administrator in News. No Comments

Mortgage rates in the U.S. declined for a third week, reaching record lows as the housing market shows signs of stabilizing. The average rate for a 30-year fixed loan fell to 3.83 percent in the week ended today from 3.84 percent, Freddie Mac said in a statement. It was the lowest in the mortgage-finance company’s data dating to 1971. The average 15-year rate dropped to 3.05 percent, also the lowest on record, from 3.07 percent.


Spending climbs on new housing, home improvement

Posted on May 14th, by Administrator in News. No Comments

Spending on construction of new residential housing and improvements to existing homes is at a three-year high.

Private-residential fixed investment, which includes major replacements such as new roofs and improvements such as finishing a basement, rose 9.1 percent from a year earlier to an annualized $360.7 billion for the three months ended March 31. This marks the fourth consecutive quarter of nominal increases and was the fastest pace of yearly growth since 2006, federal data show.

These expenditures may prolong a structure’s life or increase its value and are “another piece of corroborating evidence” that home-related purchases were “very good” in the first quarter, said Scot Ciccarelli, a New York-based analyst at RBC Capital Markets.

New U.S. homes sold at a 328,000 annual rate in March. The total was down from an upwardly revised 353,000 pace the previous month that was the highest … Read More »


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