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Jeremy Redlinger

Minneapolis Housing Market As Of October 1, 2012

Monday, October 1, 2012 - Article by: Jeremy Redlinger - Movement Mortgage - Message

The�Minneapolis housing market�continues to be ripe for homebuyers looking to purchase a home during the fall of 2012. Traditionally, the fall and winter seasons throughout the�Minneapolis housing market�brings forward less competition which translates into lower sales prices.

According to the�Weekly Market Activity Report from the Minneapolis Area Associations of Realtors released October 1, 2012, the Twin Cities region lost 1.1 percent of new listings, added 22.8 percent pending sales and inventory decreased by 29.4 percent for the week ending September 22nd, 2012.

As for the month of August, the median sales price increased 14.8 percent, days on the market decreased 23.9 percent and the month’s supply of inventory decreased by 41.1 percent, according to MAAR.

With the data released earlier today the spring and summer seasons have all but officially show just how much improvement has been made this year in the Minneapolis housing market.

For example, in January 2012 the median sales price of a home in the Twin Cities market was $140,000. The latest median sale price data shows values in August 2012 at $178,000, that’s an increase of $38,000 in the median sales price in just 8 short months.

Additionally, homes are taking about 23.9 percent less time to sell from one year ago, combined with the increasing numbers in pending home sales and a lack of new homes for sale there is potential for home values to continue to increase throughout the winter months, even if total sales see a slight decline.

Another factor to look at on the report is the Housing Affordability Index that has fallen 39 points to 229 in August 2012 from January 2012. A reading of 229 means the median household income is 229 percent of what is necessary to qualify for the median priced home in theMinneapolis housing marketunder current mortgage rates.

With mortgage rates remaining near historic lows and with home purchase loans from the FHA allowing borrowers to put only 3.5 percent down on the purchase price of a new home, purchasing a home in theMinneapolis housing market�may never be this affordable again.

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