Home market activity was strong across the state last month.
Patti Jo Fitzpatrick, president of Minnesota Realtors, says for starters, buyers have more to choose from…
“We are getting more inventory and we’re getting closer to the numbers that we’d like to see right now. We’re kind of close to about 3 months worth of inventory we to be a balanced market, we’d need to be at 5 or 6 months. So we’re inching closer because in the past it’s been, you know, closer to two.”
Fitzpatrick says however, that affordability remains a concern for first-time buyers…
“Interest rates, people, people are kind of getting used to where we are with interest rates. It’s the payments that they’re more concerned with and you know, just insurance costs have gone up so much. So really the you know it’s it’s still tough for you know, first time buyers to get into the market.”
The statewide median home price rose in June by 4.2% to a record high of $370,000. The Twin Cities median price rose 2.8% to $401,000.
(content: courtesy MNN)
