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| Twin Cities housing market likely to improve in 2011 |
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Metrostudy Report - (Minneapolis, MN– May 1, 2011) The Twin Cities remains one of the healthiest markets in the country with strong job numbers, low unemployment figures and healthy housing supplies, 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. Employers added 15,000 jobs over the past year. Unemployment stands at 6.6%, remaining 2% lower than the national average. “While it might not be enough to set off a housing boom, it is helping stabilize the economy and generating new demand,” said Ryan Jones, director of Metrostudy’s Twin Cities division.Start were down 18% during 1Q11 to 651. Quarterly starts and closings continue to trend along one another, settling back into more normal cycles. This leaves 2,156 new single family housing units in inventory, a 6.4 month supply and down 27% compared to last year. “Supplies are quite possibly at their lowest levels and could begin to rise as builders start ramping up production. Ideally, we would like to see new home closings continue to pick up momentum helping to offset the potential rise in inventory,” said Jones. Homebuilders across the Twin Cities built 3,356 new homes in 2010, 88 more than 2009. “As 2011 gets going, we are optimistic we can hit 4,000 new homes starts by the end of the year,” said Jones. “While the path to 4,000 could be rocky, there seems to be growing support for new homes across the metro area. Housing supplies are low, lot supplies are dropping across the metro and pricing remains affordable.” “While any true recovery remains in the hands of a stable and growing economy, the Twin Cities market looks poised for moderate growth in 2011,” said Jones. About Metrostudy Contact: |
