Twin Cities Housing Market: 2019 – May

Twin Cities Housing Market: 2019 - May

greetings from Madden's resort on go Lake in Brainerd Minnesota this is your twin cities housing market in sight for May of 2019 as the competitive spring housing market has evolved twin cities housing prices have continued their predictable rise I'll start my monthly insight and analysis with mortgage rates mortgage rates moved up in April but fell back down in May and currently sit around 4% for a 30-year fixed conventional mortgage home builder confidence in May the home builder confidence index inched up from a 63 to a 65 – sorry 66 but remains down year-over-year as it was at a 72 this time last year close sales 4406 residential closings took place in the Twin Cities during April that is up 19 percent month-over-month but down 6 percent year-over-year the median home price the median home price in the Twin Cities moved up another 2 percent in April to a new record high of 280 thousand eight hundred dollars that trend should continue for close sales for May and June before prices level off for closed sales in July new listings not including what I call new construction shadow inventory which are essentially new lots and condos that developers have to sell into seven thousand six hundred and ninety nine new homes and condos hit the market in April that's up 41 percent month-over-month and up five percent from April of last year Homes for Sale the home inventory level in the Twin Cities moved up seven percent in April to just under 10,000 homes for sale it will be interesting to see how inventory plays out over the summer last year inventory kept rising all the way through September before it leveled off in October which was nice for buyers who were not able to get homes under contract during the you know spring and early summer months pending sales 5721 homes and condos came under contract in April which is up 24 percent month-over-month but down 1 percent year-over-year so in the micro home sales continued their predictable seasonal incline but in the macro the market does continue to decelerate year-over-year this concludes my insight for the month of May please don't hesitate to connect with me if you have any questions about the market in general or if you want to discuss the market conditions in your particular neighborhood or market segment and I thank you for taking the time to watch this video you

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