Home Prices Show Strongest Sign of Stability Yet (Part 2)
By Greg Sax on Wednesday, March 10th, 2010
We sent out a news release today. Here's a rat-a-tat-tat-tat. (Get it? Bullet points!) | VIEW FULL NEWS RELEASE
- 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.
- 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.
- There are fewer foreclosure homes selling now than there were last February.
- The market share of traditional, non-foreclosure homes has grown in the last year, tilting prices upward and stabilizing the market.
- 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.
- Foreclosures posted a 0.8 percent increase to $120,000, while short sale properties posted a 6.7 percent decline to $145,000.
- There were 3,527 signed purchase agreements in February, an increase of 6.4 percent from a year ago.
- We expect home sales to tick up as buyers move to take advantage of the tax incentives before the April 30 deadline.
- Affordability is outstanding. The current Housing Affordability Index of 213 is the fourth-highest mark ever recorded.
- 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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