Home sales in Twin Cities seem poised for a strong season, It’s halftime for the 2014 housing market, and so far the score is down.
Homes sales are trailing last year’s by nearly 10 percent after bad weather delayed the spring selling season. But with prices and listings on the rise, there’s growing confidence that this will be a strong year.
“People are feeling really good about real estate,” said David Wells, an agent with Coldwell Banker Burnet who recently sold two houses within a day of hitting the market.
Fueling the optimism is a decline in foreclosures and short sales, which usually put a drag on home prices. In June, there was a 12 percent jump in pending sales of traditional homes, causing median values to rise 4.7 percent to $219,000. Overall, however, sales in June were down 2.2 percent to 5,531 sales, according to a report Monday from the Minneapolis Area Association of Realtors.
While a decline in sales might suggest a crack in the recovery, there’s broad agreement that the Twin Cities market is improving more quickly than in much of the nation. The latest Case-Shiller report showed that home prices here are increasing faster than the national average, and CoreLogic recently said the average foreclosure rate in the metro is below the national average.