St Paul, MN: The most recent reports and data for the Minneapolis St Paul real estate market shows continuing signs of rebound with both increased home prices and increased building permits for new construction.
The University of St Thomas' monthly residential real estate price report index shows that the mediam sales price was up 6% over March of 2012, with the current average now 209,900.
Improvements to the housing market are attributed to an
- improved employment market
- historic low mortgage interest rates
- tight inventory of quality homes for sale
- less foreclosured home entering the market
New construction builders are also complaining about a lack of quality lots within the metro area that have current access to utilities. This forces builders to pay premium prices for prime lots, which of course increases the price of the new home.