Minneapolis, St. Paul housing exodus more myth than reality

As in many U.S. metro areas, the suburbs of the Twin Cities have enjoyed surging interest from home buyers as the global pandemic has upended how and where people work.

Amid rising crime and lingering unease following spring riots, many suburban buyers have relocated from the urban core of Minneapolis and St. Paul, where the number of homes for sale has swelled.

Yet, this doesn’t mean a new urban exodus is underway.

Also on the rise in the both of those cities: home sales, driven in part by record low mortgage rates that have enticed entry level buyers despite a grim economy.

“If there is an exodus,” says sales agent Pat Paulson of buyers exiting urban neighborhoods, “there’s an inflow as well.”

In Minneapolis, there’s been an 11% increase in listings through the first nine months of this year, buoyed in part by a recent rise in condos for sale.

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London property prices hit new high with talk of exodus ‘overblown’

A view of semi-detached homes in the Willesden neighbourhood of northwest London, August 15, 2014. The Bank of England gave a clean bill of health to Britain's controversial flagship mortgage guarantee scheme on Thursday, sparing the government from potential embarrassment in the run-up to a national election. The central bank also formally asked to expand its arsenal of powers to curb mortgage lending for homes and buy-to-let properties, and said it was bringing forward the date when it would put a figure on the maximum leverage banks can have. Picture taken August 15, 2014. REUTERS/Suzanne Plunkett (BRITAIN - Tags: BUSINESS REAL ESTATE TPX IMAGES OF THE DAY) ATTENTION EDITORS - PICTURE 20 OF 21 FOR WIDER IMAGE STORY 'NEIGHBOURING VISIONS' SEARCH 'PLUNKETT VISIONS' FOR ALL PICTURES
Homes in Willesden, north-west London. Photo: REUTERS/Suzanne Plunkett

London property prices hit a record high over the summer despite the coronavirus crisis, official figures show.

Analysts said talk of an exodus from the capital appeared “overblown,” as Land Registry data showed average prices rose 3.5% in the year to August.

Homes sold for an average of £489,000 ($642,000) in London in August, a joint record high last seen in July 2017. The growth was significantly higher than than the UK average of 2.5% year-on-year growth. Economists had expected 3% national growth.

It marks a reversal of pre-pandemic trends, with Brexit, affordability and tax reforms dampening demand in London and the south-east in recent years while prices have surged in many areas elsewhere.

Prices in the capital were more than twice as high as the UK average of just over £239,000.

The figures appear at odds with widespread signs many residents

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Amidst Pandemic-Driven Urban Exodus, Welcome Homes Launches First Fully Digital Home Buying Experience, Bolstered by a $5.35M Seed Round

NEW YORK, Oct. 20, 2020 /PRNewswire/ — Today, Welcome Homes announces its official launch as the first fully-online home building, customization and purchasing experience of its kind, with $5.35M in seed financing led by Global Founders Capital. Welcome Homes will use the capital infusion to expand into new markets, while also bolstering its product, sales and marketing initiatives to streamline the home-buying and customization process, cutting by 50% the time it takes to build and move into a dream home, to six months.

Buying a home is considered by many Americans, about 40%, as the most stressful event in modern life with the complexity of finding the right location, managing construction companies, and all the necessary legal and financial protocols. Over the last few months this has only been exacerbated as city dwellers flee urban areas into neighboring suburbs due to the COVID-19 pandemic and its shelter-in-place orders.

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