Twin Cities Housing Market Slows After Hot Start


The Twin Cities housing market is facing a cool after a pretty hot summer. According to a new report there are a few factors that contributed to the slow including the rising mortgage rates.

"People have been receiving news of a looming slowdown. They're starting to take that into account, and they're being more conservative in their bidding than a year ago," said Aaron Terrazas, a senior economist at Zillow.com, according to National Mortgage News.

"The market remains strong, with homes selling in an average of 40 days. And a seasonal slowdown is normal, data from S&P Dow Jones Indices show, even during the long-running recovery in which prices have risen more than 60% from the low."

According to the report, the slowdown is normal and is said to be seasonal. Meanwhile, while sales are up from last year, they seem to be growing at a less drastic pace.

"Throughout the recovery, a shortage of listings has helped drive prices up, at first because homeowners were reluctant to sell at depressed prices," according to NMN.

"But this shortage is also keeping many would-be buyers on the sidelines, as they opt to rent or stay put."

To learn more about the slow in the Twin Cities housing market, click on the image above.

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