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Wednesday October 4, 2023

THE MINNESOTA HOUSING INDUSTRY NEWS SOURCE BY HOUSING FIRST MINNESOTA

Tag: Housing Affordability

  • Home prices in the Twin Cities soften, supply remains scarce

    Home prices in the Twin Cities soften, supply remains scarce

    According to new data from Minneapolis Area Realtors and St. Paul Area Association of Realtors, since last summer, housing prices have dropped 3.1% to a median sales price of $396,100. This is the largest annual decrease since December 2011. In the Twin Cities area, prices decreased significantly during April and May. However, in June, they… Read More

  • Gen Z: The future of homeownership

    Gen Z: The future of homeownership

    Keep your eye out: Gen Z is on the hunt for homes. Born between 1997 and 2012, many Gen Zers are beginning to graduate college and join the workforce. With this comes the desire to settle down in a place all their own, without having to deal with landlords and monthly rent. With pandemic graduations,… Read More

  • New event series from Housing Affordability Institute kicks off

    New event series from Housing Affordability Institute kicks off

    Earlier this week, several dozen attendees turned out at Indeed Brewing for a discussion with MaryJo Webster, data editor for the Star Tribune, on her work covering housing access in the Twin Cities.  Webster has worked on several housing-centric stories for the Star Tribune, including “How Twin Cities housing rules keep the metro segregated” and “Looking for an… Read More

  • Commentary: Big Problems Require Bold, Ambitious Action – Housing Is No Different

    Commentary: Big Problems Require Bold, Ambitious Action – Housing Is No Different

    By Nick Erickson, Housing Affordability Institute Editor’s note: Housing Industry News publishes a mix of commentaries online and in print. Across the nation, legislators and governors are thinking big when it comes to housing reform. Massive issues like the housing inventory, affordability and access problems seen in a growing number of states require bold and… Read More

  • Zoning modernization takes first steps at Capitol

    Zoning modernization takes first steps at Capitol

    As the legislature moves into its third month of the 2023 session, Minnesota’s crisis-level housing supply challenge took its first step forward. Rep. Steve Elkins (DFL-Bloomington) authored HF 2235, a zoning modernization bill, calling it the ‘Legalize Affordable Housing Act’. The measure cleared its first hurdle, passing out of the House of Representatives Housing Committee.… Read More

  • Home Price Growth Stagnates as Rates Dampen Market Activity

    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

  • Minnesota Democrats unveil $3 billion housing plan

    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

  • 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

  • Higher mortgage rates sidelined buyers in 2022

    Higher mortgage rates sidelined buyers in 2022

    According to new data from Minneapolis Area REALTORS® and the St. Paul Area Association of REALTORS®, the Twin Cities housing market last year was a tale of two markets. The first half of 2022 reflected much of the all-out frenzied feeling of the previous year and a half. Fierce and competitive buyer activity with multiple… Read More

  • Housing and homeownership challenges await Legislature

    Housing and homeownership challenges await Legislature

     As the newly elected Minnesota Legislature begins its two-year session in January, a host of housing market challenges lie before them.  Uncertain economic conditions and the ongoing ripple effects of the past three years have exacerbated the persistent supply and affordability challenges impacting the housing market. Without enough homes to meet demand, pressure is dispersed… Read More

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