Wither further proof that the Twin Cities home prices have bottomed, the first 7 months of 2012 have seen the highest number of homes sold in the last six years!
Let’s stop and think about that for a moment. While the economy is still slowly on the mend and in a time where financing qualification requirements are tougher than they have been in a decade, we’re seeing enormous demand by home buyers. Some of this activity is certainly investors coming in to pick up investment properties at decade-low prices but the majority are average home buyers.
Some buyers may have waited on the sidelines for prices to bottom while others may be compelled by the record low interest rates and high affordability. The fact that Traditional home sales are up strongly this year means that we have more sellers buying another home, which also improves sales activity.
It is extremely difficult to find any housing stat that is not moving in the positive direction right now. What’s even more compelling about this is that almost all of these metrics are hitting the best levels in 4, 5, 6 years. While the housing market still has a lot of mending to do, it is certainly well on its way.