Metro Housing Reports Show Positive Trends
MINNEAPOLIS (WCCO) — The housing market in the Twin Cities continues to get stronger, based on two reports out Tuesday.
The Builders Association of the Twin Cities says in May, building permits for new single family homes were up 80 percent from May of 2011.
“The numbers were phenomenal,” said Curt Christensen, President of the Builders Association of the Twin Cities. He says the growth was found all over the seven county metro area.
“It wasn’t just all on the east side, it wasn’t all on the north side,” Christensen said. “We’re starting to get 360 degrees of the metro area get more involvement.”
The new home construction news was not the only positive sign from the Twin Cities housing market in May. The Minneapolis Area Association of Realtors is reporting a handful of positive year to year trends.
The group says the median sales price in May was up 10.5 percent from May of 2011, to $169,000. Purchase agreements were also up 27 percent. The number of homes for sale in May was down 31 percent from May of 2011.