After months of discouraging signals, a flurry of monthly reports released this morning offer some positive news for the housing market. Here's a summary:
- The S & P Case-Shiller report says that house prices are rising, but at a more moderate pace. The group's 10-city and 20-city composites posted annual gains of 10.8 percent, significantly lower rate when compared to last month. Nineteen of the 20 cities saw lower annual gains in April than in March, but California (Los Angeles, San Diego and San Francisco) saw returns worsen by approximately three percentage points. Boston was the only city to see its annual rate improve. In the Twin Cities metro, year-over-year prices were up 9.4-percent and 1.1 percent from March. Here's the full report.
- Sales of new single-family houses during May surged, according to a joint joint report from the U.S. Census Bureau and the Department of Housing and Urban Development. New homes sold at a seasonally adjusted annual rate of 504,000, 18.6 percent above the revised April rate of 425,000 and 16.9 percent above the May 2013 estimate of 431,000. The median sales price of new houses last month was $282,000. The seasonally adjusted estimate of new houses for sale at the end of May was 189,000. This represents a supply of 4.5 months at the current sales rate.
- Fewer homeowners are falling behind on their mortgage payments. CoreLogic said this morning that in the Twin Cities metro the foreclosure rate among outstanding mortgage loans was 0.53 percent during April, a decrease of 0.55 percentage points compared to last year when the rate was 1.08 percent. Nationwide, the foreclosure rate stood at 1.77 percent. Also in the Twin Cities, the mortgage delinquency rate (mortgage loans that were 90 days or more delinquent) fell to 2.43 percent compared with 3.36 percent for the same period last year, representing a decrease of 0.93 percentage points.
More from Star Tribune
More from Just Listed
Brisky Commercial Real Estate moves into Washington Square.
The professional services firm has settled into its new office in downtown Minneapolis.
The 229-suite hotel will be renovated next year.
The renovation of the four-story structure should cost between $15 and $20 million.
Opus has begun the final phase of its development of the Valley Park Business Center in Shakopee.
Recommended For You
A strike by nurses at five Allina Health hospitals will start at 7 a.m. Labor Day, according to required 10-day notices their union sent to the health system early this morning.
Hillary Clinton vigorously defended her family's foundation against Donald Trump's criticism on Friday and declared she's confident there will be no major further accusations involving the foundation, her emails or anything else that could undermine her chances of defeating him in November.
Obliging a donor is not necessarily criminal, but if you're in a role that would seem to call for the utmost care in avoiding the perception of favoritism …
The Twins, in Toronto tonight on a seven-game losing streak, will need to fight to avoid 100 losses. Manager Paul Molitor wants to make sure the Twins have that fight in them.
Maine's bombastic Republican governor has built a reputation on his unfiltered comments, but his obscene tirade unleashed on a liberal lawmaker prompted Democratic lawmakers Friday to warn that the governor was coming unhinged and to call for a political intervention.
Recommended For You
Twin Cities price gains are slightly below the national average
From November to December house prices in the Twin Cities were flat, but prices were 4.7 percent higher compared with the previous year.
Twin Cities home prices continued to gain strength in October, according to data released Tuesday that underscored the likelihood that the market’s winter slowdown would…
House prices in the metro rose slightly from July to August; annual increases were slightly below the national average.
A flurry of reports offer promising news for Twin Cities housing