Quarter 3 Shows Strong Growth Nationally

Third quarter numbers are out and show that home prices have seen the strongest growth since 2006. According to the latest figures from the National Association of Realtors, the median price for existing single-family homes jumped 7.6% from a year ago. Existing home sales also rose 10.3% in the third quarter. Year-to-date in Minneapolis, the median sales price is up 17.9%, with sales up 16.3%, placing us ahead of the nation. One factor for the rise in sales price could be our low inventory, down about 30% from last year in Minneapolis. Nationwide, that number is slightly lower at 20% less than last year. While this is great for sellers and the housing market, it is placing a squeeze on first-time buyers, making it more difficult for them to get their foot in the door.