July 2015

Many believed that when the housing market crashed, so too would the desire of American’s to own a home again.  Many reports have shown that, especially among younger generations, the American Dream of homeownership is still very much alive.  Julián Castro, Secretary for HUD, recently summed up what it means to own a home in a speech at the National Press Club.

"Homeownership is still the cornerstone of the American Dream — a fact you can see in the lives of everyday folks. It’s a source of pride. It’s a source of wealth, providing both a nest and a nest egg. And it strengthens communities and fuels growth in the overall economy."

Castro appropriately named his speech, “2015: A Year of Housing Opportunity”, a theme that rang true throughout.

…

In the midst of the peak shopping season, houses in the Twin Cities metro sold at a record pace in June.

Both closed and pending sales reached 10-year highs and, with buyers outpacing sellers in some parts of the metro, houses on average sold in an unprecedented 66 days, according to a monthly report from the Minneapolis Area Association of Realtors.

“Buyers are very motivated right now,” said Betsy Lucas of Coldwell Banker Burnet, who was recently involved with three lightning-speed sales. “When something really fabulous comes on the market, people are ready.”

In the 13-county metro area, there were 6,928 closings in June, a 22 percent increase over last year. New listings rose only 4.6 percent, leading the total inventory of listings at the end of the month…