Blog

Home » Defying High Mortgage Rates: The Resilience of Home Buyers in Minneapolis/St. Paul

Defying High Mortgage Rates: The Resilience of Home Buyers in Minneapolis/St. Paul

Mortgage rates remain high, yet buyers are proceeding with purchases. Recent data from our home market in Minneapolis/St. Paul, Minnesota, suggests that buyers are tired of waiting for rates to decrease. Purchase agreements increased by 7.8% YoY in March. The median price of homes sold in the same month also rose by 2.8%. The shortage of available homes plays a significant role in this scenario. Just imagine what will happen to prices when rates eventually moderate, as forecasted for later this year.

Source: Buchta, Jim. “House Buyers Come to Terms with Rates.” StarTribune Eedition. Accessed April 20, 2024.

Recent News