Prices are still rising, but not as much; entry-level buyers struggle
Many home sellers in the Twin Cities are feeling a fall chill.
After a robust summer, home sales across the 13-county metro are slipping, and so are price gains. That is not necessarily the case for some entry-level sellers with move-in-ready houses, which are still fetching their asking price — or more.
During September, home buyers in the Twin Cities signed 4,957 purchase agreements, 1,000 fewer than the previous month, according to Minneapolis Area Realtors. The median sales price increased 6.6%, to $279,250.
“Attractive interest rates have unleashed some of the pent-up demand from earlier this year,” said Todd Urbanski, president of Minneapolis Area Realtors. “But each price point, product type and area is unique.”
On average, sellers who closed in September got $160 per square foot — 4.8% more than last year. That price gain is about half the annual increases that were posted last year at this time.
The seasonal slowdown comes in the midst of prime buying conditions. Mortgage interest rates remain near historic lows, and the supply of listings for move-up buyers has remained steady and well balanced.
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"For Twin Cities housing market, fall is in the air"; By Jim Buchta; StarTribune; October 18, 2019