Here are some local home prices by neighborhood for St. Paul Minnesota for the month of October 2014. I am not sure how I did it but I did not publish numbers for September. September Median home prices for St. Paul were close to 160K. In October they were about 155K. This looks like a normal seasonal variation and it should also be noted that the median price was 144K last October.
I highlighted the number 2 for downtown because it represents the number of offers that were made and accepted on homes/condos for sale. That number is unusually low. In general there is less housing downtown than there is in most of the other neighborhoods and single digit numbers are not that unusual but the 2 is, I even ran the numbers twice. One months data is relatively meaningless but I’ll be watching that number.
The inventory of homes on the market is shrinking a little but that too is seasonal and is slightly lower than it was last October. Part of this decrease is due to the decrease in foreclosures.
The housing market is an important part of our economy. People who own homes generally have a higher net worth than those who do not. Interest rates are low and homes are generally affordable.
Real estate is local and for more local real estate numbers please see “Local Market Conditions and home prices”