I am going to predict that the total number of home sales in St. Paul will be slightly lower in 2017 than in 2016. Prices have continued to rise and demand is strong, but the number of homes on the market remains low.
There is little new construction and when there is new construction the homes are large and expensive. What we need are more smaller homes but apparently those are hard to build and sell so that the builder can make a profit.
We have seen an increase in new or newly renovated luxury apartment buildings and some lower rent apartment buildings too. Owning a home isn’t the best option for everyone but neither is renting. In the long run home ownership builds wealth.
As for the wonderfulness of the situation, it is wonderful for people who own rental property.