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Housing Prices Hit New Record High Nationally

Here is an interesting WSJ article detailing that home prices have hit a new record high nationally. Despite higher mortgage rates, limited home supply is driving prices up. The trend is evident in the Minneapolis-St. Paul metro area as well. Recent data from Minneapolis-St. Paul put the price per square foot up +2.5% YoY. These increases are almost entirely due to tight supply.

Just imagine what will happen when mortgage rates go down?

For investors, this market presents challenges and opportunities. High entry costs may deter new buyers, but the steady appreciation of home values indicates potential long-term gains. Staying informed about market conditions and local trends is essential for strategic decisions.

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