Home Prices Show Strongest Sign of Stability Yet (Part 2)

By Greg Sax on Wednesday, March 10th, 2010

Year-Over-Year Median Price Change

 

We sent out a news release today. Here's a rat-a-tat-tat-tat. (Get it? Bullet points!) | VIEW FULL NEWS RELEASE

  1. For the second consecutive month, home prices in the Twin Cities 13-county metropolitan area showed a year-over-year increase. We haven't seen back-to-back year-over-year increases since 2006.
  2. The February median sales price of $159,000 was a 6.0 percent increase from last February's mark of $150,000. That's the strongest year-over-year increase since 2005.
  3. There are fewer foreclosure homes selling now than there were last February.
  4. The market share of traditional, non-foreclosure homes has grown in the last year, tilting prices upward and stabilizing the market.
  5. The median sales price of traditional homes (excluding foreclosures and short sales) in February was $204,900, down only $100 from last February's mark of $205,000.
  6. Foreclosures posted a 0.8 percent increase to $120,000, while short sale properties posted a 6.7 percent decline to $145,000.
  7. There were 3,527 signed purchase agreements in February, an increase of 6.4 percent from a year ago.
  8. We expect home sales to tick up as buyers move to take advantage of the tax incentives before the April 30 deadline.
  9. Affordability is outstanding. The current Housing Affordability Index of 213 is the fourth-highest mark ever recorded.
  10. Buyer activity has brought inventory down, so there are far fewer homes for buyers to choose from. The March Supply-Demand Ratio of 5.39 means that there are 5.39 homes available per buyer in the month. In March 2008 the mark was 8.16.

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