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Industry Celebrates Women in Construction Week
On average, women make over 90% of homebuying decisions. However, currently, women make up only 10% of the construction industry in the United States. The annual Women in Construction Weeks seeks to bring awareness to this disparity, celebrate women in the industry, and promote opportunities for more women to get involved in the trades. To celebrate Women […] Read more
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Home Price Growth Stagnates as Rates Dampen Market Activity
Higher mortgage rates and overall affordability woes are leading to drop off in activity in the Twin Cities housing market on both the buyer and seller ends of the spectrum. Consequently, the median home price in the metro area saw a minute 0.6 percent growth to $342,000 in February. Moreover, the overall housing market is […] Read more
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MnDOT Announces Start of Spring Load Restrictions
The Minnesota Department of Transportation has announced the start of Spring Load Restrictions (SLR). SLRs will begin in the following regions: MnDOT will continue to monitor and evaluate weather conditions to make further announcements regarding the start date of spring load restrictions in other zones. Full-summer overweight permits can be issued, during the spring load […] Read more
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Bill on Zoning Changes Heard at the Legislature
The leading zoning reform bill at the legislature, HF 2235 (Elkins), was heard in the Minnesota House Housing Committee on earlier this week. Among many things, the bill includes provisions that would: Nick Erickson, senior director of housing policy for Housing First Minnesota, was a testifier at the hearing and explained the significance of this […] Read more
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Winter load increases to end in certain zones
The Minnesota Department of Transportation has announced the ending of winter load increases (WLI) beginning next week. WLIs will expire in the South, Southeast, and Metro seasonal load limit zones on Monday, March 6 and 12:01 a.m. MnDOT will continue to monitor and evaluate weather conditions to make further announcements regarding the start date of […] Read more
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Minnesota Democrats unveil $3 billion housing plan
At a press conference this week, DFL members of the legislature introduced what they are calling a “transformational” and “bold” approach to solving the state’s housing crisis. Members from both the Senate and House unveiled “All Roads Lead Back to Home“, a proposal to spend $3 billion on new programs and funding to address child […] Read more
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Energy Code Chaos at the Legislature
A bill that has potential to create chaos in the energy code process was heard in a house committee for the second time on Tuesday. HF 772 (Rep. Kraft, St. Louis Park), originally was drafted to modify the adoption process for the energy code for new commercial buildings. But, author amendments that have since been […] Read more
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Despite Headwinds, Builder Confidence Grows in February
Homebuilder sentiment rose for the second consecutive month, according to the latest report from the National Association of Homebuilders. Builder confidence in the market increased seven points in February to 42 – the second strongest reading since September 2022. This latest report, driven by softening mortgage rates and increasing demand for inventory, comes despite rising […] Read more
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Home Price Growth Returns to Historic Norms
According to new data from Minneapolis Area REALTORS® and the St. Paul Area Association of REALTORS®, the Twin Cities market started to show signs of a return to normalcy in February. The median home sale price was up 2.7 percent to $341,995. This is compared to nearly three years of about 10 percent year-over-year increases. According to […] Read more
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NAHB housing forecast predicts homebuilding activity to fall in 2023
The National Association of Homebuilders is projecting that single-family production will fall to in 2023, but start to rebound in 2024. NAHB made their annual forecast at this year’s International Builders Show in Las Vegas. NAHB’s chief economist Robert Dietz notes that the 2023 declines in building activity will feel more dramatic as production was […] Read more
Tuesday March 21, 2023
THE MINNESOTA HOUSING INDUSTRY NEWS SOURCE BY HOUSING FIRST MINNESOTA