- Recently the NATIONAL ASSOCIATION OF REALTORS announced that interest rates for a 30 year fixed mortgage were the lowest in 60 years.
- In addition, the report cited that inventories of homes for sale were down to a 6.2 month supply. 6 months is considered a balance for supply vs. demand.
- Minnesota unemployment is down to 5.6% which is below the national average.
- Pending real estate sales in Minnesota are up 14.5%.
- The housing affordability index is the highest ever which deals with household income vs. home prices.
- Prices in Minnesota have been stable for the last 12 months.
These are all factors that have positively affected real estate sales. Now that inventories are low, it is a better time for sellers to sell and of course low…