Twin Cities Housing Market: 2019 – February

Twin Cities Housing Market: 2019 - February

hey guys it's your twin cities housing market update for February of 2019 well the stage is set for another move up for Twin Cities home prices this spring inventory in the home in condo loft market has bottomed out while showing in sales activity have begun their seasonal rise much of the increase in prices is expected to come in the lower to mid range price brackets with the rising costs an increased scale of new construction most existing homes under the 400,000 dollar price point do not have competition from new home developments or condo developments and in some neighborhoods or areas those minimum construction price points are even higher than that I'll break down the details starting with mortgage rates which continued to fall in February announced it at a 12-month low of four point three five percent for a 30-year fixed conventional mortgage home builder confidence in February the national home builder confidence index beat market expectations and moved up seven percent to a four four month high of 62 close sales in the Twin Cities fell 28% in January to a 12 month low of 2,690 closings either January or February are typically the slowest month of the year for closed sales so this was expected and is likely a bottom for the next 11 months the median home price in the Twin Cities remained flat in January at two hundred fifty eight thousand nine hundred dollars but is up 7% year-over-year with the current dynamics of low inventory at the front end of rising sales activity we do expect the median home price to rise from now through June new listings climbed 82 percent in January as 4372 new homes and condos hit the market that is 8% more new listings than we had in January of last year homes for sale the home inventory level in the Twin Cities fell 8% in January leaving us with seven thousand eight hundred and eighty one homes for sale historically that is an extremely low level very close to a ten-year low and that has set the stage for yet another move up in home prices that really is going to start right now pending sales pending sales volume appears to have bottomed doubt in December and is up 10 percent in January with 3254 homes and condos coming under contract that increase in pending sales in January signals the predictable reversal to rising sales volume and we do expect pending sales to continue to rise all the way through May this concludes my insight for the month of February please don't hesitate to connect with me if you want to discuss your particular home value or your neighborhood or community and thank you for taking the time to watch this video you

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