1.3 million. That’s how many Americans were reportedly lifted out of underwater mortgage situations this year from rising home prices, according to the Obama administration’s October Housing Scorecard. There’s more going on than meets the eye here. Rising prices also help restore tax base, decreasing the likelihood of tax increases later. National GDP even benefits. When real estate is chugging along, things are good. And now, arguably more so than ever in the past four or five years, real estate is starting to chug again. It’s not at full speed yet, but the open track ahead beckons.
In the Twin Cities region, for the week ending November 3: • New Listings decreased 1.0% to 1,125 • Pending Sales increased 25.3% to 930 • Inventory decreased 27.7% to 15,434
For the month of October: • Median Sales Price increased 14.8% to $174,995 • Days on Market decreased 25.0% to 103 • Percent of Original List Price Received increased 3.5% to 94.4% • Months Supply of Inventory decreased 41.0% to 3.7