Metrostudy Report - Minneapolis, MN– November 1, 2011 - The Twin Cities housing market shows positive signs in closings and inventory during 3rd quarter, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

“The Twin Cities remains one of the healthier markets in the country with low unemployment figures and healthy housing supplies, both new and existing,” said Ryan Jones, director of Metrostudy’s Twin Cities division. The Twin Cities economy added almost 25,000 new jobs during 3Q11. In addition, the Twin Cities unemployment rate stands at around 6.5%, almost 3% lower than the national average.

Almost 1,000 new homes were built during 3Q11, up 10% from 3Q10. “While the lackluster numbers from the first half of the year will weigh down our year end numbers, there is a little more optimism for a stronger finish to 2011. Builders are starting to acquire new pieces and open new communities, with others slated for 2012. Quality traffic counts are up and conversion rates are improving,” said Jones.

New home supplies remain healthy at 7.1 months, down 17% compared to 3Q10. “ “Ideally, we would like to see new home closings pick up momentum, helping to offset the potential rise in inventory,” said Jones.

“There’s still some optimism out there and support for new homes across the metro is growing,” said Jones. “Housing supplies are low, lot supplies are dropping, and pricing remains affordable. Market share for new homes has begun to pick up and home prices throughout the metro are stabilizing.”

For information contact:
ryan jones @ 952.960.4825
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