Existing Home Sales at Highest Level Since 2007: Real Estate Week in Review

Residential News

WIR piggy bankExisting home sales have risen 3.2 percent in June, to the highest level since 2007, reports The Minneapolis/St. Paul Business Journal. The median sale price of existing homes also hit an all time high, making now a great time to list your home (“Existing home sales at highest level since 2007; prices hit all-time high,” July 22). The rate is nearly 10 percent higher than it was a year ago, reports the National Association of Realtors.

“Buyers have come back in force, leading to the strongest past two months in sales since early 2007,” says Lawrence Yun, Chief economist for the National Association of Realtors. “This wave of demand is being fueled by a year-plus of steady job growth and an improving economy that’s giving more households the financial wherewithal and incentive to buy.”

“The demand for buying has really heated up this summer, leading to multiple bidders and homes selling at or above asking price,” said NAR President Chris Polychron.

The median sale price of new homes is $281,800 – lower than the median price in June 2014.
Renters in the Minneapolis/St. Paul metro area are still facing stiff competition, reports the Star Tribune (“Competition for Twin Cities rentals is still tight,” July 27). “Since 2013 more than 10,000 apartments have been built in the Twin Cities metro, but competition for rentals is still tight. The average vacancy rate for market rate apartments in the region was 2.5 percent at the end of the second quarter – almost exactly as it was last year.”

In Other News

WIR SoccerSaint Paul Mayor Chris Coleman has invited members of Major League Soccer to tour the 34.5 acre site at University-Snelling, reports the Highland Villager. The Midway site is the former location of Metro Transit’s bus barn and adjacent properties. Representatives from Minnesota United FC are also expected to attend.

Along with its development near US Bank Stadium, Radisson Red will be opening its second Twin Cities area hotel in Downtown St. Paul (“New Radisson Concept to Open in St Paul,” Minneapolis/St. Paul Business Journal, July 27). The site is next to the Xcel Energy Center, and the hotel will feature a bar and deli. Says St. Paul City Council member Dave Thune, “We are … crying out for more hotels. You look at the market around the Twin Cities and we are sadly behind the curve. That’s the kind of thing we need to attract business, corporations, trade shows” (“Radisson RED planned for site across from Xcel Energy Center,” Pioneer Press, July 27).

Photos courtesy of 123rf.com

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