It’s been a relatively pleasant year for the business of residential real estate. Case in point, the June 2012 NAHB/Wells Fargo Housing Market Index (HMI) rose to its highest level since May 2007. And for the first time since 2005, housing is on track for being a net positive contributor to national GDP in 2012. Speaking on behalf of America, it’s about time. Throw in some real price gains, and you can expect holdout buyers to be less afraid of buying and sellers to be less afraid of listing.
In the Twin Cities region, for the week ending July 14:
• New Listings increased 6.2% to 1,536 • Pending Sales increased 13.4% to 1,125 • Inventory decreased 30.7% to 17,188
For the month of June:
• Median Sales Price increased 10.4% to $179,000 • Days on Market decreased 21.9% to 113 • Percent of Original List Price Received increased 4.1% to 95.1% • Months Supply of Inventory decreased 43.3% to 4.5
Local Market Update:
St. Paul Como Neighborhood Condos: