After 41 consecutive months, four Super Bowls and a presidential election, the Twin Cities housing market finally posted a median sales price that was higher than the same month a year ago.
The January median sales price of $157,000 was a 1.3 percent increase from last January's mark of $155,000. That's the first yearover- year increase since July 2006. 1.3 percent may seem pretty "ho-hum," and in an ordinary market it is. But in light of the three year roller coaster we've been riding, "ho-hum" sounds glorious right now.
There's a lot of positive news, but the Federal Home Buyer Tax Credit and extremely low mortgage rates have been the two main drivers of the market's recent momentum and, unfortunately, both of those market boosters may be near their eventual end.
Let's see what the rest of the year looks like, hold on!
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