by Admin Admin
on Wednesday, August 24th, 2011 at 10:49am.
A second consecutive monthly increase in closed home sales in Minnesota is a promising indicator that residential real estate is moving in the right direction after a number of dismal years. Closed Sales increased 33.5 percent in July 2011 when compared with July 2010. Almost 1,700 additional transactions were closed in July when compared to a year earlier. In reviewing statistics throughout the state, it is clear that most areas are rebounding nicely. In fact, home sales for the last 12 months have incrased 33.5% in Minnesota. Low interest rates, investor purchases and improving economic conditions are sighted as the primary reasons for the significant increases. Minnesota's employment numbers have been better than the national figures which helps translate into more consumer confidence. These are impressive figures when you consider that in July 2010 a number of closing occurred due to the federal tax credit. Housing sales correlate closely with how consumers perceive the economy. This is one reason why housing is watched closely by economists trying to gage the economy's future.
My advice for buyers and selelrs entering the market...use a professional full time real estate agent that knows not only the past comparables but one who knows the present ones and the trends.