New housing report excites buyers, sellers alike - My29 WFTC Minneapolis-St. Paul

New housing report excites buyers, sellers alike

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MINNEAPOLIS (KMSP) -

The U.S. economy is inching toward recovery and Thursday brought good news about the housing market, which has economists, buyers and sellers looking forward to the future.

Though there's still a way to go, the housing market is certainly headed in the right direction. Buyers are out there, and sellers are seeing their homes stay on the market for weeks -- maybe months, rather than a few years.

With fewer homes for sale than this time last year and prices reaching their second-highest gain since 2004, many sellers say they are getting 95 percent of their asking price -- and with interest rates at historic lows, buyers are back and looking for investments.

"The traditional market is making a big comeback," said Gregg Roeglin, former president of the Minneapolis Association of Realtors and current board member. "What we are seeing in the good news market is broad-based. It's across virtually all price spectrums and all property types."

The bottom line is: More people are signing on the dotted line, and that's creating confidence.

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