While it’s not a term often used to describe the housing market, a University of St. Thomas real estate professor observed that “the market for single-family homes priced under $140,000 has become quite active. They are flying off the shelves right now,” said Herb Tousley, director of real estate programs at the university.
The finding was one of several signs of a healthier housing market that were outlined in the UST Residential Real Estate Index, a monthly analysis of the 13-county Twin Cities area prepared by the Shenehon Center for Real Estate at St. Thomas’ Opus College of Business.
Tousley said that new listings for the lower-priced homes are coming onto the market at a rate of about 1,100 per month and they are being sold at a rate of about 900 t0 1,000 per month.
“The number of homes on the market in this price range has steadily been declining since the beginning of the year,” he said. “Although many of these homes are foreclosures and short sales, there are several types of buyers, including first-time homeowners and investors, who are purchasing these properties at a fast clip.”