Tag: Housing Affordability
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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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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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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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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
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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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Millennials want to own homes, but affordability stands in the way
Rising interest rates, coupled with an already tight and competitive market, are impacting purchasing power of would-be homebuyers. Consequently, the housing market is starting to see a shift in who is buying homes — especially in the millennial age group. Millennials are now the largest generation of potential homebuyers, but this age group is becoming […] Read More
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Legislators honored with Housing Leadership Awards
Housing First Minnesota has named 23 Minnesota state legislators as recipients of the 2022 Housing Leadership Award. This honor recognizes legislators who worked to promote housing affordability and homeownership during the 2022 legislative session. “As more and more homebuyers face roadblocks to the dream of homeownership, these legislative leaders rose to the occasion to fight […] Read More
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Interest rates and affordability cause cooling
effect on Minnesota’s housing marketAs the Federal Reserve continues to raise interest rates in an attempt to bring down 40-year-high inflation, it has had a clear impact on the local housing market. Minnesota was facing a housing inventory and affordability crisis prior to the Fed raising rates, which was pricing many families out of homeownership. With the Fed’s efforts […] Read More
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Consumer sentiment toward homebuying plummets
It appears rising interest rates pushed consumers over the edge when it comes to whether it is a good time to buy a home. According to Fannie Mae, the Home Purchase Sentiment Index® (HPSI) decreased by 4.7 points to 68.5 in April, its lowest level since May 2020, as surveyed consumers expressed heightened concerns about […] Read More
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Growing coalition calls for legislature to address zoning reform
As the housing inventory and affordability crisis continues to worsen in Minnesota, a broad coalition is pressing the legislature to take action. The coalition, which includes the Minnesota Realtors®, Housing First Minnesota, the Minnesota Multi-Housing Association, Minnesota Chamber of Commerce and others, is urging the legislature to adopt Senate File 3259, which has emerged as […] Read More
