MINNEAPOLIS (WCCO) — The housing market in Minnesota continues to be challenged by the economy and artificially high sales numbers in April 2010. One positive sign is that fewer listings were recorded in April.
“Less inventory statewide continues to be a positive sign for the housing market in Minnesota,” said Russ Portele, president of the Minnesota Association of Realtors. “Statewide, the new listing inventory fell 25% from last year,” he said.
Prices remain down from this time last year, when home buyer tax credits pushed sales and prices up.
Tammie Fuerstenberg is with Keller Williams. She said there are still a number of “junk” houses out there and they can be difficult to purchase.
And when there is a good house on the market, there are multiple offers.
“You know it’s tough to find the perfect place for every buyer. We are having to look a lot, and when we find it we have to be quick, because there are five buyers for every home on the market,” she said.
Interest rates continue to remain stable, and at historic low levels, which she says makes it more affordable for people to get into a new home.
NewsRadio 830 WCCO’s Susie Jones Reports