Report Shows Home Prices Getting Back On Track
MINNEAPOLIS (WCCO) — While the job market may seem unsteady, it appears home prices are growing at their fastest pace since the bubble burst.
New numbers released Tuesday show the average home price has climbed about eight percent nationally in the past year or so. The Twin Cities saw a 12 percent jump.
Nationwide, the median price for a new home is now nearly $250,000 again. That’s about where we were in 2003. Overall, sales suffered a slight drop last month. But they’re still seeing double-digit gains compared to last year.
In the Twin Cities, the median sale price of a traditional home was $205,500 in February. That’s up 2.75 percent from January’s median price of $199,000 and up more than 14 percent from this time last year.
The report also shows a decrease in foreclosure sales from 1,191 in February of 2012 to 921 last month. The report shows an 80 percent increase in permits to build homes from January 2012 to January 2013.