Tag: Housing Inventory
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St. Cloud community leaders gather to address workforce housing shortage
Community leaders in the St. Cloud area gathered at St. Cloud State University on March 23 to discuss the area’s growing workforce housing shortage. The event was hosted by St. Cloud State University’s School of Public Affairs and organized with additional support from United Way Central Minnesota, Central Minnesota Builders Association, CentraCare, St. Cloud Area […] Read More
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Bill proposing ban on single-family rental construction garners national attention
As with any legislative session, a wide variety of issues are being discussed and debated. Among these are many housing-related issues. Recently, a bill to ban the construction of single-family for rent homes by corporations, has stood out as housing leaders look to address the state’s housing supply crisis. And now, this proposal has caught […] 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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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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Homebuilding feels slowdown as rates continue to sideline buyers
Fluctuating interest rates and overall economic uncertainty are continuing to impact the housing market. Homebuilders in the Twin Cities are also feeling the slowdown. In the month of October, permits for new single-family homes were down 54% from the previous year. Overall affordability also continues to be a hurdle for potential buyers. The Twin Cities median home price in October was $356,000. Read More
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Housing inventory remains low even as housing market shifts
Across the country rising mortgage rates and inflation have had a stifling impact on the housing market. It is no surprise when considering that from the start of the year, mortgage rates have more than doubled, increasing from 3% in January to rates now over 6% this fall. Permits for new single-family homes have fallen […] Read More
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Wait time for new homes increases
The timeline for new home construction is becoming noticeably longer in many parts of the country. This slowdown comes at a time when new homes are in high demand as the inventory of available homes for sale shrinks to a historic low. Almost two years of supply chain disruptions prompted by the COVID-19 pandemic caused […] Read More
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Zoning modernization stalls as legislature and governor unable to reach final deal
With one week remaining in the 2022 legislative session, Gov. Tim Walz, House Speaker Melissa Hortman and Senate Majority Leader Jeremy Miller announced a framework agreement on the front lawn of the State Capitol. The agreement was to utilize the largest state surplus in history with a combination of $4 billion toward a tax bill […] Read More
