Twin Cities prices keep rising, despite a gloomy forecast back in January
This is bad news for buyers, who aren't getting a break on home prices or interest rates, which are still averaging 7% for a 30-year mortgage. Despite a gloomy forecast by Zillow in January, Twin Cities home prices have continued to rise, despite expectations that the Twin Cities would be among the five coolest metro areas in the U.S. for home sales and that prices would fall by 3% in 2024. This would have led to the first home price decline in the Twin City since 2011. However, home prices in the Minneapolis Area Association of Realtors have increased every month of 2024, including a 4.1% year-over-year jump in April. Two local experts, including Libby Starling and David Arbit, have predicted a rise of 2% to 4%. This is bad news for buyers who are not receiving a break on home prices or interest rates.
发表 : 10 个月前 经过 Nick Halter 在 Tech
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By the numbers: Zillow predicted the Twin Cities would be among the five coolest metro areas in the U.S. for home sales and that prices would fall by 3% in 2024.
• If Zillow's forecast had played out, it would have been the first home price decline in the Twin Cities since 2011.
Reality check: Twin Cities home prices were up 3.7% in the first quarter of the year, according to the Federal Housing Finance Agency.
• Median sales prices have increased every month of 2024, including a 4.1% year-over-year jump in April, according to the Minneapolis Area Association of Realtors.
Flashback: Two local experts pushed back against the January Zillow forecast.
• Libby Starling of the Federal Reserve Bank of Minneapolis told Axios she expected prices to remain stable, while David Arbit of Minneapolis Area Realtors predicted a rise of 2% to 4%.
Yes, but: One thing Zillow was right about is that the Twin Cities housing market is cool compared to other metros.
• In the U.S., home prices rose 6.6% in the first quarter of 2024, according to the Federal Housing Finance Agency.
• Of the 100 biggest metro areas, the Twin Cities ranked 83rd for home price increases.
Of note: Zillow did not respond to requests for comment.
The bottom line: This is bad news for buyers, who aren't getting a break on home prices or interest rates, which are still averaging 7% for a 30-year mortgage.
• But it could be worse. Home prices in Charleston, S.C., are up 15.4% this year, according to FHFA.